State Employees Pension Plan

Forms Publications Benefit Estimator
  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 HERE 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 HERE.
  • Are guaranteed a minimum annual rate of return of 5%.

New Member Information Packet (pdf)

Member Handbook (pdf)

Online Account Access

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 HERE.

Investment Education Video

To further help Defined Contribution and Deferred Compensation Plan members make informed investment decisions, NPERS offers an Investment Education video. This video covers the investment options and provides an outline on the basics of investing. Members may contact our office to "check out" this video in a DVD format, or view it on our website on the Financial Facts page.

"Retirement 101" Education Video

Retirement 101 is a Flash format video that explains the basics of the State and County Defined Contribution and Cash Balance plans. Members may view it on our website on the Publications/Videos page.

A General Guide to Receiving Funds for an Alternate Payee

  1. If the plan member is not yet 50 years of age and is still working:

    - You are not yet eligible for a distribution.

  2. 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.

NOTE: 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 ½.
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Forms Publications Benefit Estimator