16-1006 Contributions by city; amount; how credited; interest; when. - Nebraska Statutes

16-1006. Contributions by city; amount; how credited; interest; when.Beginning January 1, 1984, each city of the first class with police officers participating in a retirement system shall contribute to the retirement system a sum equal to six percent of each such participating police officer's periodic salary. Such payment shall be contributed as provided in subsection (1) of section 16-1005 for employee contributions and shall be credited to his or her employer account on a monthly basis. Each such account shall also be credited with regular interest. The city shall also contribute to the employer account of any police officer employed by the city on January 1, 1984, an amount equal to the employee contributions of such police officer that were made to the city prior to January 1, 1984, without interest, with such contribution to be made at the time the police officer retires or terminates employment with the city. The city may contribute such amount before the police officer's retirement or termination of employment or credit interest on such contribution. SourceLaws 1983, LB 237, § 6; Laws 1992, LB 672, § 10.