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Nebraska Legislature Online
Legislation Archive
On May 1, 2001 Governor Mike Johanns signed LB 711 and the retirement system changes recommended by the Board of Trustees became law. In January of this year Senator Pat Bourne introduced LB 526 containing the statutory changes endorsed by the Board of Trustees and the Board of Education. As the legislative session progressed it became apparent that more bills had been introduced than would be able to be considered this session. To assist the passage of select bills, each Senator has the right to place a personal priority on one bill. Senator Floyd Vrtiska of Table Rock prioritized LB 711, a retirement bill affecting the Nebraska School Employees Retirement System, introduced by Senator "Bob" Wickersham of Harrison. Recognizing that other needed retirement legislation would not be considered this year without a priority designation, Senators Wickersham and Vrtiska permitted other retirement bills (including LB 526) to be amended into LB 711. This provided a priority designation for a variety of retirement system improvements.
Following is a chronology of the passage of this year's retirement system legislation:
January 11, 2001 - LB526 introduced by Senator Patrick Bourne
January 17, 2001 - LB711 introduced by Senator Bob Wickersham
February 14, 2001 - LB 526 and LB 711 heard before Nebraska Retirement Systems Committee February 20, 2001 - LB526 and LB711 placed on General File
February 27, 2001 - LB711 prioritized by Senator Floyd Vrtiska
March 23, 2001 - Provisions of LB526 added by amendment to LB 711
March 28, 2001 - LB711 placed on Select File
April 23, 2001 - LB711 placed on Final Reading
May 1, 2001 - LB711 passed by Legislature
May 1, 2001 - LB711 signed by Governor
May 2, 2001 - LB711 becomes law
The following provisions of LB 711 will impact members of OSERS
1) Beginning October 3, 2001, provide a medical cost of living adjustment to retirees having 10 or more years of retirement. The medical COLA would provide $10 per month for each year of retirement (prorated for individuals who have worked less than 20 years), beginning following 10 years of retirement, to a maximum of $250 per month.
2) The Board of Education during an August meeting will appoint a retiree to serve on the Board of Trustees.
3) Eliminate the authority for a tax levy for prior service (pre-1951 service). Actuarial valuations of the Retirement System show that sufficient funds are on hand from previous tax levies (plus future investment returns on those funds) to cover the payments for the remainder of the lives of prior service recipients.
4) Permit women who are still actively employed who were required to resign due to maternity (all prior to September 1, 1979) to purchase that maternity time under the provisions of current leaves of absence. These women have until May 2, 2002 to initiate purchase of that maternity time.
5) Expand the age difference of individuals permitted to receive joint and survivorship benefits, in accordance with Internal Revenue Service limits.
6) Provide a new joint and survivorship benefit permitting the member to reduce their benefits such that at the member's death, their survivor would receive 50% of their annuity for the survivor's lifetime.
Please contact Senators Bourne, Wickersham and Vrtiska as well as your own Senator to say thank you.
The mailing address is:
Senator's Name
State Capitol
P.O. Box 94604
Lincoln, NE 68509-4604