State Codes and Statutes

Statutes > Nebraska > Chapter84 > 84-1504

84-1504. Deferred compensation;treatment; participation; requirements.(1) The Public Employees Retirement Board, on behalf of thestate, may contract with any individual to defer a portion of such individual'scompensation or with the Legislative Council to defer any other amount thatthe Legislative Council agrees to credit to an individual's account pursuantto section 457 of the Internal Revenue Code.(2) The compensation to be deferred at the election of theindividual and any other amount credited on behalf of such individual by theLegislative Council shall not exceed the total compensation to be receivedby the individual from the employer or exceed the limits established by theInternal Revenue Code for such a plan.(3) The deferred compensation program shall serve in additionto but not be a part of any existing retirement or pension system providedfor state or county employees or any other benefit program.(4) Any compensation deferred at the election of the individualunder such a deferred compensation plan shall continue to be included as regularcompensation for the purpose of computing the retirement, pension, or socialsecurity contributions made or benefits earned by any employee.(5) Any sum so deferred shall not be included in the computationof any federal or state taxes withheld on behalf of any such individual.(6) The state, the board, the state investment officer, theagency, or the county shall not be responsible for any investment resultsentered into by the individual in the deferred compensation agreement.(7) Nothing in this section shall in any way limit, restrict,alter, amend, invalidate, or nullify any deferred compensation plan previouslyinstituted by any instrumentality or agency of the State of Nebraska, andany such plan is hereby authorized and approved.(8) On andafter July 1, 2010, no employee of the state or any political subdivisionof the state shall be authorized to participate in a deferred compensationplan unless the employee (a) is a United States citizen or (b) is a qualifiedalien under the federal Immigration and Nationality Act, 8 U.S.C. 1101 etseq., as such act existed on January 1, 2009, and is lawfully present in theUnited States.(9) Forpurposes of this section, individual means (a) any state employee, whetheremployed on a permanent or temporary basis, full-time or part-time, (b) aperson under contract providing services to the state who is not employedby the University of Nebraska or any of the state colleges or community collegesand who has entered into a contract with the state to have compensation deferredprior to August 28, 1999, and (c) any county employee designated as a permanentpart-time or full-time employee or elected official whose employer does notoffer a deferred compensation plan and who has entered into an agreement pursuantto section 48-1401. SourceLaws 1973, LB 428, § 1; R.S.Supp.,1974, § 84-1329.01; Laws 1975, LB 42, § 2; Laws 1987, LB 549, § 15; Laws 1994, LB 460, § 1; Laws 1996, LB 847, § 55; Laws 1997, LB 623, § 49; Laws 1997, LB 624, § 43; Laws 1998, LB 1191, § 79; Laws 1999, LB 703, § 27; Laws 2001, LB 75, § 2; Laws 2010, LB950, § 28.Operative Date: July 1, 2010

State Codes and Statutes

Statutes > Nebraska > Chapter84 > 84-1504

84-1504. Deferred compensation;treatment; participation; requirements.(1) The Public Employees Retirement Board, on behalf of thestate, may contract with any individual to defer a portion of such individual'scompensation or with the Legislative Council to defer any other amount thatthe Legislative Council agrees to credit to an individual's account pursuantto section 457 of the Internal Revenue Code.(2) The compensation to be deferred at the election of theindividual and any other amount credited on behalf of such individual by theLegislative Council shall not exceed the total compensation to be receivedby the individual from the employer or exceed the limits established by theInternal Revenue Code for such a plan.(3) The deferred compensation program shall serve in additionto but not be a part of any existing retirement or pension system providedfor state or county employees or any other benefit program.(4) Any compensation deferred at the election of the individualunder such a deferred compensation plan shall continue to be included as regularcompensation for the purpose of computing the retirement, pension, or socialsecurity contributions made or benefits earned by any employee.(5) Any sum so deferred shall not be included in the computationof any federal or state taxes withheld on behalf of any such individual.(6) The state, the board, the state investment officer, theagency, or the county shall not be responsible for any investment resultsentered into by the individual in the deferred compensation agreement.(7) Nothing in this section shall in any way limit, restrict,alter, amend, invalidate, or nullify any deferred compensation plan previouslyinstituted by any instrumentality or agency of the State of Nebraska, andany such plan is hereby authorized and approved.(8) On andafter July 1, 2010, no employee of the state or any political subdivisionof the state shall be authorized to participate in a deferred compensationplan unless the employee (a) is a United States citizen or (b) is a qualifiedalien under the federal Immigration and Nationality Act, 8 U.S.C. 1101 etseq., as such act existed on January 1, 2009, and is lawfully present in theUnited States.(9) Forpurposes of this section, individual means (a) any state employee, whetheremployed on a permanent or temporary basis, full-time or part-time, (b) aperson under contract providing services to the state who is not employedby the University of Nebraska or any of the state colleges or community collegesand who has entered into a contract with the state to have compensation deferredprior to August 28, 1999, and (c) any county employee designated as a permanentpart-time or full-time employee or elected official whose employer does notoffer a deferred compensation plan and who has entered into an agreement pursuantto section 48-1401. SourceLaws 1973, LB 428, § 1; R.S.Supp.,1974, § 84-1329.01; Laws 1975, LB 42, § 2; Laws 1987, LB 549, § 15; Laws 1994, LB 460, § 1; Laws 1996, LB 847, § 55; Laws 1997, LB 623, § 49; Laws 1997, LB 624, § 43; Laws 1998, LB 1191, § 79; Laws 1999, LB 703, § 27; Laws 2001, LB 75, § 2; Laws 2010, LB950, § 28.Operative Date: July 1, 2010

State Codes and Statutes

State Codes and Statutes

Statutes > Nebraska > Chapter84 > 84-1504

84-1504. Deferred compensation;treatment; participation; requirements.(1) The Public Employees Retirement Board, on behalf of thestate, may contract with any individual to defer a portion of such individual'scompensation or with the Legislative Council to defer any other amount thatthe Legislative Council agrees to credit to an individual's account pursuantto section 457 of the Internal Revenue Code.(2) The compensation to be deferred at the election of theindividual and any other amount credited on behalf of such individual by theLegislative Council shall not exceed the total compensation to be receivedby the individual from the employer or exceed the limits established by theInternal Revenue Code for such a plan.(3) The deferred compensation program shall serve in additionto but not be a part of any existing retirement or pension system providedfor state or county employees or any other benefit program.(4) Any compensation deferred at the election of the individualunder such a deferred compensation plan shall continue to be included as regularcompensation for the purpose of computing the retirement, pension, or socialsecurity contributions made or benefits earned by any employee.(5) Any sum so deferred shall not be included in the computationof any federal or state taxes withheld on behalf of any such individual.(6) The state, the board, the state investment officer, theagency, or the county shall not be responsible for any investment resultsentered into by the individual in the deferred compensation agreement.(7) Nothing in this section shall in any way limit, restrict,alter, amend, invalidate, or nullify any deferred compensation plan previouslyinstituted by any instrumentality or agency of the State of Nebraska, andany such plan is hereby authorized and approved.(8) On andafter July 1, 2010, no employee of the state or any political subdivisionof the state shall be authorized to participate in a deferred compensationplan unless the employee (a) is a United States citizen or (b) is a qualifiedalien under the federal Immigration and Nationality Act, 8 U.S.C. 1101 etseq., as such act existed on January 1, 2009, and is lawfully present in theUnited States.(9) Forpurposes of this section, individual means (a) any state employee, whetheremployed on a permanent or temporary basis, full-time or part-time, (b) aperson under contract providing services to the state who is not employedby the University of Nebraska or any of the state colleges or community collegesand who has entered into a contract with the state to have compensation deferredprior to August 28, 1999, and (c) any county employee designated as a permanentpart-time or full-time employee or elected official whose employer does notoffer a deferred compensation plan and who has entered into an agreement pursuantto section 48-1401. SourceLaws 1973, LB 428, § 1; R.S.Supp.,1974, § 84-1329.01; Laws 1975, LB 42, § 2; Laws 1987, LB 549, § 15; Laws 1994, LB 460, § 1; Laws 1996, LB 847, § 55; Laws 1997, LB 623, § 49; Laws 1997, LB 624, § 43; Laws 1998, LB 1191, § 79; Laws 1999, LB 703, § 27; Laws 2001, LB 75, § 2; Laws 2010, LB950, § 28.Operative Date: July 1, 2010