Bill # | Description | Status |
LB 683 PERB |
Requests the Public Employees Retirement Board (PERB) develop a work plan, recommendations, and cost estimate of allowing members of OSERS who have terminated employment to elect a one-time lump sum payment of a their retirement account in lieu of the lifetime pension benefit. This payment amount shall be determined using a percentage of the actuarial present value of the members retirement account. The work plan is due 6/30/2020. The PERB may bill the OSERS system for all services and related expenses in completion of the work plan. |
2019 Carry Over |
LB 806 State, County, Judges, School, Patrol |
This bill would exempt certain retirement benefits from Nebraska income taxes. Effective 1/1/2021, Social Security benefits, retirement benefits from a 401(a) or 403(a) qualified retirement plan, retirement benefits from OSERS retirement plan, retirement benefits from the County, Judges, Patrol, School, and State retirement plans, retirement benefits from the US Civil Service or Federal Employees Retirement System, and military retirement benefits would be exempt from Nebraska income taxes. | Referred to Revenue Committee |
LB 1054 All Plans |
Modifies Required Minimum Distribution (RMD) language to conform to recent changes in federal law. This bill would increase the RMD age from 70½ to 72 for individuals who turned 70½ after 12/31/2019. | Final Reading |
Bill # | Description | Status |
LB 31 PERB |
LB 31 requires the Public Employees Retirement Board (PERB) to create and submit a report examining the process and costs to transfer administration of the Omaha School Employee's Retirement System (OSERS) to the Nebraska Public Employees Retirement System (NPERS). The report shall include:
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Passed and Approved by Governor |
LB 32 State, County, DCP, & DROP |
LB 32 allows the Nebraska Investment Council (NIC) to modify the 13 investment options currently provided to participants in the State and County Defined Contribution plan. This will also result in a change to the investment options in the voluntary State Deferred Compensation Plan (DCP), and the State Patrol DROP program. On or after January 1, 2021, investment options shall include, but not be limited to:
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Passed and Approved by Governor |
LB 33 PERB |
Increases the Public Employees Retirement Board (PERB) per diem from $50 to $75. In addition, the bill changes the actuary contract limits to allow for two 3-year options, and removes the requirement for a competitive, formal, sealed bidding process for the legal compliance audit. Finally, the bill changes the due date of the Annual Legislative Report from March 31 to April 10, effective 2020. | Passed and Approved by Governor |
LB 34 State, County, School, & DCP |
Under current law, State and County members who have filed a grievance regarding a termination may withdraw up to $25,000 from their account pending the outcome of the grievance. If reinstated, the member must repay the distribution. LB 34 eliminates this grievance distribution provision. Changes reemployment provisions for State and County effective January 1, 2020. Under the new provisions: A State or County member who is reemployed in any capacity with less than a 120-day break in service shall not be deemed to have terminated employment. In this instance, the member must:
Under prior statute, School plan members who were actively employed and participating in the plan on April 17, 2014, had until April 16, 2020, to apply for and repay a refund. Repayment must be completed no later than April 16, 2020, or termination, whichever is earlier. LB 36 retains the April 16, 2020 application deadline but extends the repayment deadline to April 16, 2021, or termination, whichever is earlier. Removes the payroll deduction option for School plan members who submit an application to repay a refund within one year of termination or within one year of the repayment deadlines outlined in statute. Designates the spouse of a married plan member as the default primary beneficiary in the State, County, School, and DCP plans. When a married plan member dies with no beneficiary designation on file, the surviving spouse who was married to the member on the member's date of death shall be considered the primary beneficiary of the retirement account.AM591 amended and revised the provisons of LB 35, LB 36, and LB 565 into this bill. |
Passed and Approved by Governor |
LB 35 State & County |
LB 35 makes changes to the eligibility and reemployment provisions of the County and State plans. It would require permanent full-time State and County employees be at least 18 years old to participate in the plan, which is consistent with what is required of part-time employees. Consistent with current practices, effective January 1, 2020 a State or County member who is reemployed in any capacity with less than a 120-day break in service shall not be deemed to have terminated employment. In this instance the member must:
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Revised and Amended into LB 34 |
LB 36 School |
LB 36 modifies repayment of refund time frames and payment options, and clarifies and simplifies service credit provisions for School plan members. Removes the separate service credit definitions for Tier Four. Service credit provisions will be the same for all four tiers. Clarifies service credit is not granted for service provided in an Omaha Public School. Under current statute, members who were actively employed and participating in the plan on April 17, 2014, have until April 16, 2020, to apply for and repay a refund. Repayment must be completed no later than April 16, 2020, or termination, whichever is earlier. LB 36 requires these members submit an application for repayment no later than April 16, 2020 but extends the repayment date to April 16, 2021, or termination, whichever is earlier. For all refund repayments, members who submit an application within one year of termination or within one year of the repayment deadlines outlined in statute cannot utilize the payroll deduction option to repay the refund. |
Amended into LB 34 |
LB 565 State, County, School & DCP |
LB 565 designates the spouse of a married plan member as the default primary beneficiary. When a married plan member dies with no beneficiary designation on file, the surviving spouse shall be considered the primary beneficiary of the retirement account. | Amended into LB 34 |
LB 683 PERB |
LB 683 requests the Public Employees Retirement Board (PERB) develop a work plan, recommendations, and cost estimate of allowing members of OSERS who have terminated employment to elect a one-time lump sum payment of a their retirement account in lieu of the lifetime pension benefit. This payment amount shall be determined using a percentage of the actuarial present value of the member's retirement account. The work plan is due June 30, 2020. The PERB may bill the OSERS system for all services and related expenses in completion of the work plan. |
Hearing held 3/19 |