79-923 Reretirement; benefits; how computed. - Nebraska Statutes

79-923. Reretirement; benefits; how computed.Until July 1, 1985, if a member of the retirement system retires, again becomes a school employee and a member of the retirement system, and then reretires, the member's benefit upon reretirement shall consist of his or her original retirement benefit and the additional benefit earned as a result of employment following prior retirement. The original benefit shall be reinstated and shall continue in the same amount and in the same form or option as was previously elected. The additional benefit earned shall be computed as follows:(1) A benefit shall be calculated based on the member's total service and compensation record and the statutes in effect at the time of reretirement. This benefit shall not be reduced for early retirement and shall be calculated under the life-only option;(2) The member's original retirement benefit shall be calculated under the life-only option without any adjustments for early retirement, deferred retirement, or election of optional forms; and(3) The additional benefit earned shall be the excess, if any, of the benefit calculated in subdivision (1) of this section over the benefit calculated in subdivision (2) of this section, adjusted if necessary to reflect early retirement or the election of an optional form other than the life-only option. SourceLaws 1985, LB 350, § 2; R.S.1943, (1994), § 79-1514.02; Laws 1996, LB 900, § 558.