Nebraska LB1166 amends the School Employees Retirement Act to change employee contribution rates based on the funded ratio of the School Retirement.

Nebraska LB1166 modifies the School Employees Retirement Act by altering the employee contribution rates for the School Retirement Fund. Effective July 1, 2025, employees will contribute varying percentages of their compensation based on the funded ratio of the School Retirement Fund. Employers are required to match these contributions. The bill also mandates that employers pick up member contributions made prior to the effective date and treat them as employer contributions. The changes take effect immediately upon approval.

Nebraska LB1166 amends the School Employees Retirement Act to change employee contribution rates based on the funded ratio of the School Retirement.

Nebraska LB1166 modifies the School Employees Retirement Act by altering the employee contribution rates for the School Retirement Fund. Effective July 1, 2025, employees will contribute varying percentages of their compensation based on the funded ratio of the School Retirement Fund. Employers are required to match these contributions. The bill also mandates that employers pick up member contributions made prior to the effective date and treat them as employer contributions. The changes take effect immediately upon approval.