State Codes and Statutes

Statutes > Nebraska > Chapter79 > 79-978

79-978. Terms, defined.For purposes of the Class V School Employees Retirement Act,unless the context otherwise requires:(1) Retirement system or system means the School Employees'Retirement System of (corporate name of the school district as described insection 79-405) as provided for by the act;(2) Board means the board of education of the school district;(3) Trustee means a trustee provided for in section 79-980;(4) Employee means the following enumerated persons receivingcompensation from the school district: (a) Regular teachers and administratorsemployed on a written contract basis; and (b) regular employees, not includedin subdivision (4)(a) of this section, hired upon a full-time basis, whichbasis shall contemplate a workweek of not less than thirty hours;(5) Member means any employee included in the membershipof the retirement system or any former employee who has made contributionsto the system and has not received a refund;(6) Annuitant means any member receiving an allowance;(7) Beneficiary means any person entitled to receive or receivinga benefit by reason of the death of a member;(8) Membership service means service on or after September1, 1951, as an employee of the school district and a member of the systemfor which compensation is paid by the school district. Credit for more thanone year of membership service shall not be allowed for service rendered inany fiscal year. Beginning September 1, 2005, a member shall be credited witha year of membership service for each fiscal year in which the member performsone thousand or more hours of compensated service as an employee of the schooldistrict. An hour of compensated service shall include any hour for whichthe member is compensated by the school district during periods where no serviceis performed due to vacation or approved leave. If a member performs lessthan one thousand hours of compensated service during a fiscal year, one-tenthof a year of membership service shall be credited for each one hundred hoursof compensated service by the member in such fiscal year. In determining amember's total membership service, all periods of membership service, includingfractional years of membership service in one-tenth-year increments, shallbe aggregated;(9) Prior service means service rendered prior to September1, 1951, for which credit is allowed under section 79-999, service renderedby retired employees receiving benefits under preexisting systems, and servicefor which credit is allowed under sections 79-990, 79-991, 79-994, 79-995,and 79-997;(10) Creditable service means the sum of the membership serviceand the prior service, measured in one-tenth-year increments;(11) Compensation means salary or wages payable by the schooldistrict before reduction for contributions picked up under section 414(h)of the Internal Revenue Code, elective contributions made pursuant to section125 or 403(b) of the code, or amounts not currently includible in income byreason of section 132(f)(4) of the code, subject to the applicable limitationsof section 401(a)(17) of the code;(12) Military service means service in the uniformed servicesas defined in 38 U.S.C. 4301 et seq., assuch provision existed on March 27, 1997;(13) Accumulated contributions means the sum of amounts contributedby a member of the system together with regular interest credited thereon;(14) Regular interest means interest (a) on the total contributionsof the member prior to the close of the last preceding fiscal year, (b) compoundedannually, and (c) at rates to be determined annually by the board, which shallhave the sole, absolute, and final discretionary authority to make such determination,except that the rate for any given year in no event shall exceed the actualpercentage of net earnings of the system during the last preceding fiscalyear;(15) Retirement date means the date of retirement of a memberfor service or disability as fixed by the board;(16) Normal retirement date means the end of the month duringwhich the member attains age sixty-five and has completed at least five yearsof membership service;(17) Early retirement date means that month and year selectedby a member having at least ten years of creditable service which includesa minimum of five years of membership service and who has attained age fifty-five;(18) Retirement allowance means the total annual retirementbenefit payable to a member for service or disability;(19) Annuity means annual payments, for both prior serviceand membership service, for life as provided in the ClassV School Employees Retirement Act;(20) Actuarial tables means:(a) For determining the actuarial equivalent of any annuitiesother than joint and survivorship annuities, a unisex mortality table usingtwenty-five percent of the male mortality and seventy-five percent of thefemale mortality from the 1994 Group Annuity Mortality Table with a One YearSetback and using an interest rate of eight percent compounded annually; and(b) For joint and survivorship annuities, a unisex retireemortality table using sixty-five percent of the male mortality and thirty-fivepercent of the female mortality from the 1994 Group Annuity Mortality Tablewith a One Year Setback and using an interest rate of eight percent compoundedannually and a unisex joint annuitant mortality table using thirty-five percentof the male mortality and sixty-five percent of the female mortality fromthe 1994 Group Annuity Mortality Table with a One Year Setback and using aninterest rate of eight percent compounded annually;(21) Actuarial equivalent means the equality in value ofthe retirement allowance for early retirement or the retirement allowancefor an optional form of annuity, or both, with the normal form of the annuityto be paid, as determined by the application of the appropriate actuarialtable, except that use of such actuarial tables shall not effect a reductionin benefits accrued prior to September 1, 1985, as determined by the actuarialtables in use prior to such date;(22) Fiscal year means the period beginning September 1 inany year and ending on August 31 of the next succeeding year;(23) Primary beneficiary means the person or persons entitledto receive or receiving a benefit by reason of the death of a member; and(24) Secondary beneficiary means the person or persons entitledto receive or receiving a benefit by reason of the death of all primary beneficiariesprior to the death of the member. If no primary beneficiary survives the member,secondary beneficiaries shall be treated in the same manner as primary beneficiaries. SourceLaws 1951, c. 274, § 1, p. 910; Laws 1953, c. 308, § 1, p. 1025; Laws 1967, c. 544, § 1, p. 1786; Laws 1976, LB 994, § 1; Laws 1982, LB 131, § 1; Laws 1985, LB 215, § 1; Laws 1987, LB 298, § 5; Laws 1988, LB 1142, § 9; Laws 1988, LB 551, § 2; Laws 1989, LB 237, § 1; Laws 1991, LB 350, § 1; Laws 1992, LB 1001, § 20; Laws 1993, LB 107, § 1; Laws 1995, LB 505, § 1; R.S.Supp.,1995, § 79-1032; Laws 1996, LB 900, § 613; Laws 1997, LB 347, § 28; Laws 1997, LB 623, § 28; Laws 1998, LB 497, § 6; Laws 2000, LB 155, § 1; Laws 2005, LB 364, § 11; Laws 2010, LB950, § 17.Operative Date: July 1, 2010 Cross ReferencesFor supplemental retirement benefits, see sections 79-940 to 79-947.

State Codes and Statutes

Statutes > Nebraska > Chapter79 > 79-978

79-978. Terms, defined.For purposes of the Class V School Employees Retirement Act,unless the context otherwise requires:(1) Retirement system or system means the School Employees'Retirement System of (corporate name of the school district as described insection 79-405) as provided for by the act;(2) Board means the board of education of the school district;(3) Trustee means a trustee provided for in section 79-980;(4) Employee means the following enumerated persons receivingcompensation from the school district: (a) Regular teachers and administratorsemployed on a written contract basis; and (b) regular employees, not includedin subdivision (4)(a) of this section, hired upon a full-time basis, whichbasis shall contemplate a workweek of not less than thirty hours;(5) Member means any employee included in the membershipof the retirement system or any former employee who has made contributionsto the system and has not received a refund;(6) Annuitant means any member receiving an allowance;(7) Beneficiary means any person entitled to receive or receivinga benefit by reason of the death of a member;(8) Membership service means service on or after September1, 1951, as an employee of the school district and a member of the systemfor which compensation is paid by the school district. Credit for more thanone year of membership service shall not be allowed for service rendered inany fiscal year. Beginning September 1, 2005, a member shall be credited witha year of membership service for each fiscal year in which the member performsone thousand or more hours of compensated service as an employee of the schooldistrict. An hour of compensated service shall include any hour for whichthe member is compensated by the school district during periods where no serviceis performed due to vacation or approved leave. If a member performs lessthan one thousand hours of compensated service during a fiscal year, one-tenthof a year of membership service shall be credited for each one hundred hoursof compensated service by the member in such fiscal year. In determining amember's total membership service, all periods of membership service, includingfractional years of membership service in one-tenth-year increments, shallbe aggregated;(9) Prior service means service rendered prior to September1, 1951, for which credit is allowed under section 79-999, service renderedby retired employees receiving benefits under preexisting systems, and servicefor which credit is allowed under sections 79-990, 79-991, 79-994, 79-995,and 79-997;(10) Creditable service means the sum of the membership serviceand the prior service, measured in one-tenth-year increments;(11) Compensation means salary or wages payable by the schooldistrict before reduction for contributions picked up under section 414(h)of the Internal Revenue Code, elective contributions made pursuant to section125 or 403(b) of the code, or amounts not currently includible in income byreason of section 132(f)(4) of the code, subject to the applicable limitationsof section 401(a)(17) of the code;(12) Military service means service in the uniformed servicesas defined in 38 U.S.C. 4301 et seq., assuch provision existed on March 27, 1997;(13) Accumulated contributions means the sum of amounts contributedby a member of the system together with regular interest credited thereon;(14) Regular interest means interest (a) on the total contributionsof the member prior to the close of the last preceding fiscal year, (b) compoundedannually, and (c) at rates to be determined annually by the board, which shallhave the sole, absolute, and final discretionary authority to make such determination,except that the rate for any given year in no event shall exceed the actualpercentage of net earnings of the system during the last preceding fiscalyear;(15) Retirement date means the date of retirement of a memberfor service or disability as fixed by the board;(16) Normal retirement date means the end of the month duringwhich the member attains age sixty-five and has completed at least five yearsof membership service;(17) Early retirement date means that month and year selectedby a member having at least ten years of creditable service which includesa minimum of five years of membership service and who has attained age fifty-five;(18) Retirement allowance means the total annual retirementbenefit payable to a member for service or disability;(19) Annuity means annual payments, for both prior serviceand membership service, for life as provided in the ClassV School Employees Retirement Act;(20) Actuarial tables means:(a) For determining the actuarial equivalent of any annuitiesother than joint and survivorship annuities, a unisex mortality table usingtwenty-five percent of the male mortality and seventy-five percent of thefemale mortality from the 1994 Group Annuity Mortality Table with a One YearSetback and using an interest rate of eight percent compounded annually; and(b) For joint and survivorship annuities, a unisex retireemortality table using sixty-five percent of the male mortality and thirty-fivepercent of the female mortality from the 1994 Group Annuity Mortality Tablewith a One Year Setback and using an interest rate of eight percent compoundedannually and a unisex joint annuitant mortality table using thirty-five percentof the male mortality and sixty-five percent of the female mortality fromthe 1994 Group Annuity Mortality Table with a One Year Setback and using aninterest rate of eight percent compounded annually;(21) Actuarial equivalent means the equality in value ofthe retirement allowance for early retirement or the retirement allowancefor an optional form of annuity, or both, with the normal form of the annuityto be paid, as determined by the application of the appropriate actuarialtable, except that use of such actuarial tables shall not effect a reductionin benefits accrued prior to September 1, 1985, as determined by the actuarialtables in use prior to such date;(22) Fiscal year means the period beginning September 1 inany year and ending on August 31 of the next succeeding year;(23) Primary beneficiary means the person or persons entitledto receive or receiving a benefit by reason of the death of a member; and(24) Secondary beneficiary means the person or persons entitledto receive or receiving a benefit by reason of the death of all primary beneficiariesprior to the death of the member. If no primary beneficiary survives the member,secondary beneficiaries shall be treated in the same manner as primary beneficiaries. SourceLaws 1951, c. 274, § 1, p. 910; Laws 1953, c. 308, § 1, p. 1025; Laws 1967, c. 544, § 1, p. 1786; Laws 1976, LB 994, § 1; Laws 1982, LB 131, § 1; Laws 1985, LB 215, § 1; Laws 1987, LB 298, § 5; Laws 1988, LB 1142, § 9; Laws 1988, LB 551, § 2; Laws 1989, LB 237, § 1; Laws 1991, LB 350, § 1; Laws 1992, LB 1001, § 20; Laws 1993, LB 107, § 1; Laws 1995, LB 505, § 1; R.S.Supp.,1995, § 79-1032; Laws 1996, LB 900, § 613; Laws 1997, LB 347, § 28; Laws 1997, LB 623, § 28; Laws 1998, LB 497, § 6; Laws 2000, LB 155, § 1; Laws 2005, LB 364, § 11; Laws 2010, LB950, § 17.Operative Date: July 1, 2010 Cross ReferencesFor supplemental retirement benefits, see sections 79-940 to 79-947.

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State Codes and Statutes

Statutes > Nebraska > Chapter79 > 79-978

79-978. Terms, defined.For purposes of the Class V School Employees Retirement Act,unless the context otherwise requires:(1) Retirement system or system means the School Employees'Retirement System of (corporate name of the school district as described insection 79-405) as provided for by the act;(2) Board means the board of education of the school district;(3) Trustee means a trustee provided for in section 79-980;(4) Employee means the following enumerated persons receivingcompensation from the school district: (a) Regular teachers and administratorsemployed on a written contract basis; and (b) regular employees, not includedin subdivision (4)(a) of this section, hired upon a full-time basis, whichbasis shall contemplate a workweek of not less than thirty hours;(5) Member means any employee included in the membershipof the retirement system or any former employee who has made contributionsto the system and has not received a refund;(6) Annuitant means any member receiving an allowance;(7) Beneficiary means any person entitled to receive or receivinga benefit by reason of the death of a member;(8) Membership service means service on or after September1, 1951, as an employee of the school district and a member of the systemfor which compensation is paid by the school district. Credit for more thanone year of membership service shall not be allowed for service rendered inany fiscal year. Beginning September 1, 2005, a member shall be credited witha year of membership service for each fiscal year in which the member performsone thousand or more hours of compensated service as an employee of the schooldistrict. An hour of compensated service shall include any hour for whichthe member is compensated by the school district during periods where no serviceis performed due to vacation or approved leave. If a member performs lessthan one thousand hours of compensated service during a fiscal year, one-tenthof a year of membership service shall be credited for each one hundred hoursof compensated service by the member in such fiscal year. In determining amember's total membership service, all periods of membership service, includingfractional years of membership service in one-tenth-year increments, shallbe aggregated;(9) Prior service means service rendered prior to September1, 1951, for which credit is allowed under section 79-999, service renderedby retired employees receiving benefits under preexisting systems, and servicefor which credit is allowed under sections 79-990, 79-991, 79-994, 79-995,and 79-997;(10) Creditable service means the sum of the membership serviceand the prior service, measured in one-tenth-year increments;(11) Compensation means salary or wages payable by the schooldistrict before reduction for contributions picked up under section 414(h)of the Internal Revenue Code, elective contributions made pursuant to section125 or 403(b) of the code, or amounts not currently includible in income byreason of section 132(f)(4) of the code, subject to the applicable limitationsof section 401(a)(17) of the code;(12) Military service means service in the uniformed servicesas defined in 38 U.S.C. 4301 et seq., assuch provision existed on March 27, 1997;(13) Accumulated contributions means the sum of amounts contributedby a member of the system together with regular interest credited thereon;(14) Regular interest means interest (a) on the total contributionsof the member prior to the close of the last preceding fiscal year, (b) compoundedannually, and (c) at rates to be determined annually by the board, which shallhave the sole, absolute, and final discretionary authority to make such determination,except that the rate for any given year in no event shall exceed the actualpercentage of net earnings of the system during the last preceding fiscalyear;(15) Retirement date means the date of retirement of a memberfor service or disability as fixed by the board;(16) Normal retirement date means the end of the month duringwhich the member attains age sixty-five and has completed at least five yearsof membership service;(17) Early retirement date means that month and year selectedby a member having at least ten years of creditable service which includesa minimum of five years of membership service and who has attained age fifty-five;(18) Retirement allowance means the total annual retirementbenefit payable to a member for service or disability;(19) Annuity means annual payments, for both prior serviceand membership service, for life as provided in the ClassV School Employees Retirement Act;(20) Actuarial tables means:(a) For determining the actuarial equivalent of any annuitiesother than joint and survivorship annuities, a unisex mortality table usingtwenty-five percent of the male mortality and seventy-five percent of thefemale mortality from the 1994 Group Annuity Mortality Table with a One YearSetback and using an interest rate of eight percent compounded annually; and(b) For joint and survivorship annuities, a unisex retireemortality table using sixty-five percent of the male mortality and thirty-fivepercent of the female mortality from the 1994 Group Annuity Mortality Tablewith a One Year Setback and using an interest rate of eight percent compoundedannually and a unisex joint annuitant mortality table using thirty-five percentof the male mortality and sixty-five percent of the female mortality fromthe 1994 Group Annuity Mortality Table with a One Year Setback and using aninterest rate of eight percent compounded annually;(21) Actuarial equivalent means the equality in value ofthe retirement allowance for early retirement or the retirement allowancefor an optional form of annuity, or both, with the normal form of the annuityto be paid, as determined by the application of the appropriate actuarialtable, except that use of such actuarial tables shall not effect a reductionin benefits accrued prior to September 1, 1985, as determined by the actuarialtables in use prior to such date;(22) Fiscal year means the period beginning September 1 inany year and ending on August 31 of the next succeeding year;(23) Primary beneficiary means the person or persons entitledto receive or receiving a benefit by reason of the death of a member; and(24) Secondary beneficiary means the person or persons entitledto receive or receiving a benefit by reason of the death of all primary beneficiariesprior to the death of the member. If no primary beneficiary survives the member,secondary beneficiaries shall be treated in the same manner as primary beneficiaries. SourceLaws 1951, c. 274, § 1, p. 910; Laws 1953, c. 308, § 1, p. 1025; Laws 1967, c. 544, § 1, p. 1786; Laws 1976, LB 994, § 1; Laws 1982, LB 131, § 1; Laws 1985, LB 215, § 1; Laws 1987, LB 298, § 5; Laws 1988, LB 1142, § 9; Laws 1988, LB 551, § 2; Laws 1989, LB 237, § 1; Laws 1991, LB 350, § 1; Laws 1992, LB 1001, § 20; Laws 1993, LB 107, § 1; Laws 1995, LB 505, § 1; R.S.Supp.,1995, § 79-1032; Laws 1996, LB 900, § 613; Laws 1997, LB 347, § 28; Laws 1997, LB 623, § 28; Laws 1998, LB 497, § 6; Laws 2000, LB 155, § 1; Laws 2005, LB 364, § 11; Laws 2010, LB950, § 17.Operative Date: July 1, 2010 Cross ReferencesFor supplemental retirement benefits, see sections 79-940 to 79-947.

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