State Codes and Statutes

State Codes and Statutes

Statutes > Nebraska > Chapter77 > 77-1340_02

77-1340.02. Transfer of assessment function; transferred employee; retirement rights.(1) On the date of employment transfer, all transferred employees shall immediately have the right to participate in the State Employees Retirement System of the State of Nebraska and shall have any retirement funds transferred from the retirement system of the county for which they work to the State Employees Retirement System as follows:(a) For transferred employees who are transferring from a county which participates in the Retirement System for Nebraska Counties under the County Employees Retirement Act and who participate in such system, the amount transferred shall equal the employee and employer accounts of the transferring employee plus earnings on those amounts during the period of employment with the county; and(b) For transferred employees who are transferring from a county which has established a separate retirement system pursuant to section 23-1118, the amount transferred shall be calculated as follows:(i) If the retirement system of the county is a defined benefit system, a benefit transfer value of the employee's accrued benefit shall be determined by calculating the present value of the employee's retirement benefit based on the employee's years of service as of the date of transfer and the other actuarial assumptions of the retirement system of the county so that the effect on the retirement system of the county will be actuarially neutral; and(ii) The amount transferred to the State Employees Retirement System shall equal one of the following: If the retirement system of the transferring county is a defined benefit system, an amount equal to the benefit transfer value; if the retirement system of the transferring county is a defined contribution system, the value of the employer and employee accounts of the employee plus earnings on those amounts during the period of employment with the county.(2) Upon the completion of the transfer of funds pursuant to subsection (1) of this section, the transferred employee shall receive vesting credit for such employee's years of participation in the retirement system of the county from which the employee was transferred.(3) For purposes of this section, employee means a county assessor and employees of the county assessor's office transferred to the state pursuant to section 77-1340. SourceLaws 1997, LB 269, § 39.Note: This section was repealed by Laws 2009, LB121, section 15, operative on July 1, 2013. Cross ReferencesCounty Employees Retirement Act, see section 23-2331.State Employees Retirement Act, see section 84-1331.