Nebraska LB821 modifies verification requirements for retirement systems and changes duties of the Public Employees Retirement Board and the Nebraska.
Nebraska LB821 eliminates certain verification requirements for retirement systems managed by the Public Employees Retirement Board. It also changes the duties of the board and the Nebraska Investment Council, including the preparation and presentation of annual reports. The board's duties now include administering retirement systems, determining member eligibility, and maintaining plan status as a qualified plan under the Internal Revenue Code. The council's duties involve analyzing investment returns and preparing an annual report.
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