79-9,108 Employees retirement system; funds; investment manager; duties; board of education or Class V Retirement System Board; investments; approve or disapprove. - Nebraska Statutes

79-9,108. Employees retirement system; funds; investment manager; duties; board of education or Class V Retirement System Board; investments; approve or disapprove.The trustees, with approval of the board of education or Class V Retirement System Board, shall invest and reinvest funds of the retirement system. A professional investment manager may be employed by the trustees subject to approval of the board of education or Class V Retirement System Board. The professional investment manager shall be responsible for the purchase, sale, exchange, investment, or reinvestment of such funds subject to guidelines determined by the trustees. The trustees shall each month submit a report to the board of education or Class V Retirement System Board with respect to the investment of funds. The board of education or Class V Retirement System Board shall approve or disapprove the investments in the report, and in the event of disapproval of any investment, the board shall direct the sale of all or part of such investment or establish future policy with respect to that type of investment. SourceLaws 1967, c. 545, § 2, p. 1791; Laws 1991, LB 350, § 7; R.S.1943, (1994), § 79-1051.01; Laws 1996, LB 900, § 643; Laws 2006, LB 1024, § 68.