2009 Nebraska Code
Chapter 79 SCHOOLS
79-966 School Retirement Fund; state deposits; amount; determination.

79-966. School Retirement Fund; state deposits; amount; determination.

(1) On the basis of all data in the possession of the retirement board, including such mortality and other tables as are recommended by the actuary engaged by the retirement board and adopted by the retirement board, the retirement board shall annually, on or before July 1, determine the state deposit to be made by the state in the School Retirement Fund for that fiscal year. The amount of such state deposit shall be determined pursuant to section 79-966.01. The retirement board shall thereupon certify the amount of such state deposit, and on the warrant of the Director of Administrative Services, the State Treasurer shall, as of July 1 of such year, transfer from funds appropriated by the state for that purpose to the School Retirement Fund the amount of such state deposit.

(2) In addition to the state deposits required by subsections (1) and (3) of this section, the state shall deposit in the School Retirement Fund an amount equal to seven-tenths of one percent of the compensation of all members of the retirement system for each fiscal year on or after July 1, 1984, until July 1, 2009. For each fiscal year beginning July 1, 2009, until July 1, 2014, in addition to the state deposits required by subsections (1) and (3) of this section, the state shall deposit in the School Retirement Fund an amount equal to one percent of the compensation of all members of the retirement system. For each fiscal year beginning July 1, 2014, in addition to the state deposits required by subsections (1) and (3) of this section, the state shall deposit in the School Retirement Fund an amount equal to seven-tenths of one percent of the compensation of all members of the retirement system.

(3) In addition to the state deposits required by subsections (1) and (2) of this section, beginning on July 1, 2005, and each fiscal year thereafter, the state shall deposit in the Service Annuity Fund such amounts as may be necessary to pay the normal cost and amortize the unfunded actuarial accrued liability of the service annuity benefit established pursuant to sections 79-933 and 79-952 as accrued through the end of the previous fiscal year of the school employees who are members of the retirement system established pursuant to the Class V School Employees Retirement Act.

Source

Laws 1945, c. 219, § 41, p. 651;
R.S.Supp.,1947, § 79-2941;
Laws 1949, c. 256, § 474, p. 853;
Laws 1965, c. 530, § 4, p. 1668;
Laws 1969, c. 735, § 12, p. 2782;
Laws 1971, LB 987, § 25;
Laws 1981, LB 248, § 3;
Laws 1984, LB 457, § 5;
Laws 1988, LB 1170, § 10;
R.S.1943, (1994), § 79-1540;
Laws 1996, LB 900, § 601;
Laws 2002, LB 407, § 39;
Laws 2004, LB 1097, § 29;
Laws 2009, LB187, § 2.

Cross References

Class V School Employees Retirement Act, see section 79-978.01.