2013 Nebraska Revised Statutes
Chapter 79 - SCHOOLS
79-996 - Contributions; how paid; interest.

79-996. Contributions; how paid; interest.

(1) The payments provided for by sections 79-993, 79-994, and 79-997 may be made in equal installments over a period of not to exceed two years from the date of the election to make such payments. The payments provided for by section 79-995 may be made in equal installments over a period of not to exceed three years from the date of election to make such payments. Any person who elects to make payments on an installment basis shall be credited with prior service only in six-month increments and only after payment has been made to the retirement system to purchase each additional six-month increment.

(2) The rate of interest for the purchase of additional service credit pursuant to sections 79-990 and 79-991 and for determining the interest on a restored refund pursuant to section 79-992 or on delayed payments by members to the retirement system shall be determined by the board from time to time, and such rate of interest shall be used to determine applicable interest for a member's purchase of additional service credit, restored refund, or delayed payments that are made while such rate of interest is in effect.

Source

Laws 1987, LB 298, § 4;
Laws 1988, LB 551, § 7;
R.S.1943, (1994), § 79-1049.04;
Laws 1996, LB 900, § 631;
Laws 2013, LB263, § 26.
Effective Date: April 25, 2013