2006 Nebraska Revised Statutes - § 84-1321 — Employees; termination of employment; benefits; when; how computed; vesting; deferment of benefits.

Section 84-1321
Employees; termination of employment; benefits; when; how computed; vesting; deferment of benefits.
Section 84-1321

(1) Except as provided in section 42-1107, upon termination of employment before becoming eligible for retirement under section 84-1317, a member may, upon application to the board, receive:

(a) If not vested, a termination benefit equal to the amount in his or her employee account or member cash balance account as of the date of final account value payable in a lump sum or an annuity with the lump-sum or first annuity payment made at any time after termination but no later than April 1 of the year following the year in which the member attains the age of seventy and one-half years; or

(b) If vested, a termination benefit equal to (i) the amount of his or her member cash balance account as of the date of final account value payable in a lump sum or an annuity with the lump-sum or first annuity payment made at any time after termination but no later than April 1 of the year following the year in which the member attains the age of seventy and one-half years or (ii)(A) the amount in his or her employee account as of the date of final account value payable in a lump sum or an annuity with the lump-sum or first annuity payment made at any time after termination but no later than April 1 of the year following the year in which the member attains the age of seventy and one-half years plus (B) the amount of his or her employer account as of the date of final account value payable in a lump sum or an annuity with the lump-sum or first annuity payment made at any time after termination but no later than April 1 of the year following the year in which the member attains the age of seventy and one-half years.

The member cash balance account or employer and employee accounts of a terminating member shall be retained by the board, and the termination benefit shall be deferred until a valid application for benefits has been received.

(2) At the option of the terminating member, any lump sum of the vested portion of the employer account or member cash balance account or any annuity provided under subsection (1) of this section shall commence as of the first of the month at any time after such member has terminated his or her employment with the state or may be deferred, except that no benefit shall be deferred later than April 1 of the year following the year in which the employee has both attained at least seventy and one-half years of age and has terminated his or her employment with the state. Such election by the terminating member shall be made at any time prior to the commencement of the lump-sum or annuity payments.

(3) Members of the retirement system shall be vested after a total of three years of participation in the system as a member pursuant to section 84-1307, including vesting credit. If an employee retires pursuant to section 84-1317, such an employee shall be fully vested in the retirement system.

Source:

Laws 1963, c. 532, § 21, p. 1675

Laws 1973, LB 498, § 6

Laws 1975, LB 56, § 3

Laws 1983, LB 604, § 26

Laws 1983, LB 219, § 3

Laws 1984, LB 751, § 9

Laws 1986, LB 325, § 20

Laws 1986, LB 311, § 35

Laws 1987, LB 308, § 3

Laws 1987, LB 60, § 5

Laws 1991, LB 549, § 71

Laws 1993, LB 417, § 7

Laws 1994, LB 1306, § 9

Laws 1996, LB 1076, § 40

Laws 1996, LB 1273, § 32

Laws 1997, LB 624, § 39

Laws 2002, LB 687, § 28

Laws 2003, LB 451, § 31

Laws 2006, LB 366, § 11.

~Revised Statutes Cumulative Supplement, 2006