State Employees Pension Plan
The State Employees' Retirement plan began as a Defined Contribution plan in 1964. The Cash Balance benefit was added by passage of LB687 on April 18, 2002. As of January 1, 2003, members who begin participation in the State Retirement Plan participate in Cash Balance.
Participants in either benefit:
- Contribute 4.8% pre-tax to the plan. The State contributes 156% of employees' contributions.
- May retire at age 55 and above.
- Are vested after three years of plan participation (36 months of contributions).
Defined Contribution participants:
- Invest their Employer and Employee contributions in multiple investment fund options. To view the investment funds current rates of return, click historicalReturnsHereHERE or utilize the Online Account Access (see below). Returns are generally available and posted approximately 30 days after the end of each quarter.
Cash Balance participants:
- Receive an "interest credit rate" (rate of return) based on the Federal Mid-term rate plus 1.5%. To view the current Cash Balance rate of return, click CashBalInfoHereHERE.
- Are guaranteed a minimum annual rate of return of 5%.
Recommended Reading for Members
New Member Information Packet (pdf)
Required Minimum Distribution Packet (pdf)
This packet provides information and warnings regarding Required Minimum Distributions (RMDs).
Retirement plan participants may monitor and make changes to their account using the Online Account Access and their username and password.
For instructions on creating an online account, click loginHelpHereHERE.
Educational Videos for Members
Retirement Seminar Video Series
The following five videos were created to serve as an alternative to the in-person NPERS State and County Preretirement Seminars. These seminars are designed to give state and county plan members nearing retirement an overview of their retirement plan, the Social Security and Medicare programs. and the fundamentals of estate planning
A General Guide to Receiving Funds for an Alternate Payee
- If the plan member is not yet 50 years of age and is still working:
- You are not yet eligible for a distribution.
- If the plan member separates from service at any age; passes age 50 and is
still working; retires at age 55; or dies before you have received any payment
of your award:
- You will be eligible to:
- Receive a lump sum payment to yourself.
- Complete a rollover to another qualified plan.
- Receive monthly annuity payments.
- Receive systematic withdrawal payments (for Defined Contribution participants only). Systematic withdrawals may be made on a monthly, quarterly, semiannual, or annual basis and must be a minimum withdrawal of $100.00.
Alternate payees are not subject to the 10 percent federal tax penalty for premature distributions that is assessed to plan members who cease work before age 55 and withdraw their funds before age 59 ï¿½.
If an alternate payee dies prior to receiving any payment of his or her interest in the member's benefit under a qualified domestic relations order, such interest reverts to the member. Alternate payees may wish to consider receiving their award, as described above, upon meeting eligibility requirements.