State Codes and Statutes

Statutes > Nebraska > Chapter79 > 79-966

79-966. School RetirementFund; state deposits; amount; determination.(1)On the basis of all data in the possession of the retirement board, includingsuch mortality and other tables as are recommended by the actuary engagedby the retirement board and adopted by the retirement board, the retirementboard shall annually, on or before July 1, determine the state deposit tobe made by the state in the School Retirement Fund for that fiscal year. Theamount 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 Treasurershall, as of July 1 of such year, transfer from funds appropriated by thestate for that purpose to the School Retirement Fund the amount of such statedeposit.(2) In addition to the state deposits required by subsections(1) and (3) of this section, the state shall deposit in the School RetirementFund an amount equal to seven-tenths of one percent of the compensation ofall members of the retirement system for each fiscal year on or after July1, 1984, until July 1, 2009.For each fiscal year beginning July 1, 2009, until July 1, 2014, in additionto 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 onepercent of the compensation of all members of the retirement system. For eachfiscal year beginning July 1, 2014, in addition to the state deposits requiredby subsections (1) and (3) of this section, the state shall deposit in theSchool Retirement Fund an amount equal to seven-tenths of one percent of thecompensation 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 yearthereafter, the state shall deposit in the Service Annuity Fund such amountsas may be necessary to pay the normal cost and amortize the unfunded actuarialaccrued 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 ofthe school employees who are members of the retirement system establishedpursuant to the Class V School Employees Retirement Act. SourceLaws 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 ReferencesClass V School Employees Retirement Act, see section 79-978.01.