Nebraska Statutes 84-1302. State EmployeesRetirement System; established; operative date; official name; acceptanceof contributions
(1) An employees retirement system is hereby established for the purpose of providing a retirement annuity or other benefits for employees as provided by the State Employees Retirement Act and sections 84-1332 and 84-1333. The retirement system so created shall begin operation January 1, 1964. It shall be known as the State Employees Retirement System of the State of Nebraska and by such name shall transact all business and hold all cash and other property as provided in such sections.
Terms Used In Nebraska Statutes 84-1302
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- State: when applied to different states of the United States shall be construed to extend to and include the District of Columbia and the several territories organized by Congress. See Nebraska Statutes 49-801
(2) The retirement system shall not accept as contributions any money from members or the state except the following:
(a) Mandatory contributions established by sections 84-1308 and 84-1309 ;
(b) Money that is a repayment of refunded contributions made pursuant to section 84-1322 ;
(c) Contributions for military service credit made pursuant to section 84-1325 ;
(d) Actuarially required contributions pursuant to subdivision (4)(b) of section 84-1319 ;
(e) Trustee-to-trustee transfers pursuant to section 84-1313.01 ; or
(f) Corrections ordered by the board pursuant to section 84-1305.02.