2013 Nebraska Revised Statutes
Chapter 79 - SCHOOLS
79-987 - Employees retirement system; audit; cost; report.

79-987. Employees retirement system; audit; cost; report.

(1) An annual audit of the affairs of the retirement system shall be conducted. At the option of the board, such audit may be conducted by a certified public accountant or the Auditor of Public Accounts. The costs of such audit shall be paid from funds of the retirement system. A copy of such audit shall be filed with the Auditor of Public Accounts.

(2) Beginning March 31, 2012, and each March 31 thereafter, if such retirement plan is a defined benefit plan, the trustees of a retirement system established pursuant to section 79-979 shall cause to be prepared an annual report and the administrator shall file the same with the Public Employees Retirement Board and submit to the members of the Nebraska Retirement Systems Committee of the Legislature a copy of such report. The report submitted to the committee shall be submitted electronically. The report shall consist of a full actuarial analysis of each such retirement plan established pursuant to section 79-979. The analysis shall be prepared by an independent private organization or public entity employing actuaries who are members of the American Academy of Actuaries and meet the academy's qualification standards to render a statement of actuarial opinion, and which organization or entity has demonstrated expertise to perform this type of analysis and is unrelated to any organization offering investment advice or which provides investment management services to the retirement plan.

Source

Laws 1951, c. 274, § 19, p. 921;
Laws 1973, LB 215, § 1;
R.S.1943, (1994), § 79-1050;
Laws 1996, LB 900, § 622;
Laws 1998, LB 1191, § 61;
Laws 1999, LB 795, § 13;
Laws 2001, LB 711, § 9;
Laws 2006, LB 1019, § 10;
Laws 2011, LB509, § 34;
Laws 2012, LB782, § 157;
Laws 2013, LB263, § 22.
Effective Date: April 25, 2013