84-1314 State Employees Defined Contribution Retirement Expense Fund; State Employees Cash Balance Retirement Expense Fund; created; use; investment. - Nebraska Statutes

84-1314. State EmployeesDefined Contribution Retirement Expense Fund; State Employees Cash BalanceRetirement Expense Fund; created; use; investment.(1)The State Employees Defined Contribution Retirement Expense Fund is created.The fund shall be credited with money from the retirementsystem assets and income sufficient to pay the pro rata share of administrativeexpenses incurred as directed by the board for the proper administration ofthe State Employees Retirement Act and necessary in connection with the administrationand operation of the retirement system, except as provided in sections 84-1309.02, 84-1310.01, and 84-1311.03. Any money in the fund available for investment shall be investedby the state investment officer pursuant to the Nebraska Capital ExpansionAct and the Nebraska State Funds Investment Act.(2) The State Employees Cash Balance Retirement Expense Fundis created. The fund shall be credited with money forfeited pursuant to section 84-1321.01 and with money from the retirement system assets and income sufficientto pay the pro rata share of administrative expenses incurred as directedby the board for the proper administration of the State Employees RetirementAct and necessary in connection with the administration and operation of theretirement system, except as provided in sections 84-1309.02, 84-1310.01, and 84-1311.03. Anymoney in the fund available for investment shall be invested by the stateinvestment officer pursuant to the Nebraska Capital Expansion Act and theNebraska State Funds Investment Act. SourceLaws 1997, LB 623, § 40; Laws 2000, LB 1200, § 7; Laws 2001, LB 408, § 28; Laws 2003, LB 451, § 26; Laws 2005, LB 364, § 18; Laws 2007, LB328, § 8; Laws 2010, LB950, § 25.Operative Date: July 1, 2010 Cross ReferencesNebraska Capital Expansion Act, see section 72-1269.Nebraska State Funds Investment Act, see section 72-1260.