23-2310.05 Defined contribution benefit; employer account; investment options; procedures; administration. - Nebraska Statutes

23-2310.05. Defined contributionbenefit; employer account; investment options; procedures; administration.(1) Each member employed and participating in the retirementsystem prior to January 1, 2003, who has elected not to participate in thecash balance benefit, shall be allowed to allocate all contributions to hisor her employer account to various investment options. Such investment optionsshall be the same as the investment options of the employee account as providedin subsection (1) of section 23-2309.01. If a member fails to select an optionor combination of options, all of his or her funds in the employer accountshall be placed in the balanced account option described in subdivision (1)(d)of section 23-2309.01. Each member shall be given a detailed current descriptionof each investment option prior to making or revising his or her allocation.(2) Each member of the retirement system may allocate contributionsto his or her employer account to the investment options in percentage incrementsas set by the board in any proportion, including full allocation to any oneoption. A member under subdivision (1) of section 23-2321 or his or her beneficiarymay transfer any portion of his or her funds among the options. The boardshall adopt and promulgate rules and regulations for changes of a member'sallocation of contributions to his or her accounts after his or her most recentallocation and for transfers from one investment account to another.(3) The board shall develop a schedule for the allocationof administrative costs of maintaining the various investment options andshall assess the costs so that each member pays a reasonable fee as determinedby the board.(4) In order to carry out the provisions of this section,the board may enter into administrative services agreements for accountingor record-keeping services. No agreement shall be entered into unless theboard determines that it will result in administrative economy and will bein the best interests of the state and participating employees.(5) The state, the board, the state investment officer, themembers of the Nebraska Investment Council, or the county shall not be liablefor any investment results resulting from the member's exercise of controlover the assets in the employer account. SourceLaws 1999, LB 687, § 1; Laws 2000, LB 1200, § 3; Laws 2001, LB 408, § 4; Laws 2002, LB 407, § 5; Laws 2002, LB 687, § 10; Laws 2004, LB 1097, § 4; Laws 2005, LB 364, § 4; Laws 2005, LB 503, § 2; Laws 2008, LB1147, § 3; Laws 2010, LB950, § 5.Operative Date: July 1, 2010