79-947.03 Annual benefit adjustment; terms, defined. - Nebraska Statutes

79-947.03. Annual benefit adjustment; terms, defined.For purposes of this section and sections 79-947.04 and 79-947.05:(1) Eligible retiree means (a) a member or a beneficiary who has been receiving a retirement benefit for at least five years, which member had at least twenty-five years of creditable service; (b) a member who has been receiving a disability retirement allowance for at least five years pursuant to section 79-952; or (c) a beneficiary who has been receiving a death benefit pursuant to section 79-956 for at least five years, and which member's or beneficiary's monthly accrual rate is less than or equal to the minimum accrual rate as determined by section 79-947.04;(2) Monthly accrual rate means the eligible retiree's total monthly benefit divided by the number of years of creditable service earned by the retiree or deceased member; and(3) Total monthly benefit means the total benefit received by an eligible retiree pursuant to the School Employees Retirement Act, previous adjustments made pursuant to section 79-947.05, or any other provision of Nebraska law which grants a benefit or cost-of-living increase within the act, but total monthly benefit does not include sums received by an eligible retiree from federal sources. SourceLaws 1998, LB 532, § 6.