84-1309. State Employees Retirement Fund; established; amounts credited; disbursements; accounting of funds.

342 words·~2 min read·/ne/chapter-84/84-1309

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

(1)There is hereby established in the state treasury a special fund to be known as the State Employees Retirement Fund to consist of such funds as the Legislature shall from time to time appropriate. The Director of Administrative Services shall credit an amount each month to the State Employees Retirement Fund equal to one hundred fifty-six percent of the amounts deducted, in accordance with section 84-1308 , from the compensation of employees who are paid from funds appropriated from the General Fund.

(2)The Director of Administrative Services shall credit an amount each month to the State Employees Retirement Fund from the funds of each department with at least one employee who is a member of the retirement system for a sum equal to one hundred fifty-six percent of the amounts deducted, in accordance with section 84-1308 , from the compensation of employees who are paid from any funds other than funds appropriated from the General Fund.

(3)The Director of Administrative Services shall credit an amount each month to the State Employees Retirement Fund for prior service benefits. After receiving the annual report required by section 84-1315 , the Legislature may make such adjustments in the funding of prior service benefits as necessary to keep the plan sound. The contribution for prior service purposes shall cease when the prior service obligation is properly funded.

(4)The Department of Administrative Services may, for accounting purposes, create subfunds of the State Employees Retirement Fund to separately account for defined contribution plan assets and cash balance plan assets.

(5)The State Treasurer shall be the custodian of the funds and securities of the retirement system and may deposit the funds and securities in any financial institution approved by the Nebraska Investment Council. The State Treasurer shall transmit monthly to the board a detailed statement showing all credits to and disbursements from the fund. He or she shall disburse money from the fund only on warrants issued by the Director of Administrative Services upon vouchers signed by a person authorized by the retirement board.