Changes retirement provisions for school employees in Nebraska, including redefinition of regular employee status and adjustments to service credit.
Modifies the School Employees Retirement Act and the Class V School Employees Retirement Act in Nebraska. It redefines a regular employee as one who works an average of thirty hours or more per week in any three months of a fiscal year. Such employees must commence contributions and are deemed regular employees regardless of future hours worked. The bill also adjusts the calculation of final average compensation and interest rates for retirement benefits.
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