16-1017. Retirement committee; duties.

425 words·~2 min read·/ne/chapter-16/16-1017

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)It shall be the duty of each retirement committee to:

(a)Provide each employee a summary of plan eligibility requirements and benefit provisions;

(b)Provide, within thirty days after a request is made by a participant, a statement describing the amount of benefits such participant is eligible to receive; and

(c)Make available for review an annual report of the retirement system's operations describing both

(i)the amount of contributions to the retirement system from both employee and employer sources and

(ii)an identification of the total assets of the retirement system.

(2)(a) For each city offering a defined benefit plan as part of the retirement system established by such city, the chairperson of the retirement committee established by such city or such chairperson's designee shall prepare and electronically file an annual report not later than June 30 of each year with the Auditor of Public Accounts and the Nebraska Retirement Systems Committee of the Legislature. If such retirement plan is a defined benefit plan which was open to new members on January 1, 2004, the annual report shall be in addition to the reports required by section 13-2402 .

(b)The annual report shall be on a form prescribed by the Auditor of Public Accounts and shall include, but not be limited to, the following information:

(i)The levels of benefits of participants in the plan, the number of members who are eligible for a benefit, the total present value of such members' benefits, and the funding sources that will pay for such benefits; and

(ii)A copy of a full actuarial analysis of each such defined benefit plan. Such analysis shall be prepared by an independent private organization or public entity that:

(A)Employs actuaries who are members in good standing of the American Academy of Actuaries;

(B)Has demonstrated expertise to perform this type of analysis; and

(C)Is unrelated to any organization that offers investment advice or provides investment management services to the retirement plan.

(3)(a) The Auditor of Public Accounts may prepare a review of any annual report filed pursuant to this section. Any such review shall be performed pursuant to section 84-304.02 .

(b)If a retirement committee does not file an annual report that is required by this section with the Auditor of Public Accounts within the dates specified in subdivision (2)(a) of this section for filing such annual report, the Auditor of Public Accounts may audit, or cause to be audited, such retirement committee. All costs of the audit shall be paid by such retirement committee.