(1)(a) Until January 1, 2022, an annual audit of the affairs of the retirement system shall be conducted in each fiscal year. At the option of the board of trustees, such audit may be conducted by a certified public accountant or the Auditor of Public Accounts.

(b) Beginning January 1, 2022, and each January 1 through January 1, 2024, it shall be the duty of the Auditor of Public Accounts to make an annual audit of the immediately preceding audit year of the condition of the retirement system. The auditor shall report such audit no later than July 1, 2022, and on each July 1 through July 1, 2024, and shall electronically submit the audit report to the board of trustees, the board of education, the retirement board, the Nebraska Retirement Systems Committee of the Legislature, and the Clerk of the Legislature. The cost of each such annual audit shall be charged to the retirement system. At the request of the Nebraska Retirement Systems Committee of the Legislature, the Auditor of Public Accounts, or the auditor’s designee, shall present the audit report to the committee at a public hearing.

(c) Following transfer of management of the retirement system to the Public Employees Retirement Board on September 1, 2024, the Auditor of Public Accounts shall make an annual audit of the retirement system beginning January 1, 2025, and electronically submit an annual report to the Clerk of the Legislature of its condition. Expenses of the audits shall be paid from the Class V School Expense Fund.

(2)(a) Beginning May 1, 2018, and until July 1, 2021, the board of trustees shall cause to be prepared an annual report and the administrator shall file the same with the Auditor of Public Accounts and submit to the members of the Nebraska Retirement Systems Committee of the Legislature a copy of such report. The report submitted to the committee and the Auditor of Public Accounts shall be submitted electronically. The report shall consist of a full actuarial analysis of each such retirement plan established pursuant to section 79-979. The analysis shall be prepared by an independent private organization or public entity employing actuaries who are members of the American Academy of Actuaries and meet the academy’s qualification standards to render a statement of actuarial opinion, and which organization or entity has demonstrated expertise to perform this type of analysis and is unrelated to any organization offering investment advice or which provides investment management services to the retirement plan. The report shall be presented to the Nebraska Retirement Systems Committee of the Legislature at a public hearing.

(b) Beginning July 1, 2021, through July 1, 2024, the board shall file with the Auditor of Public Accounts an electronic copy of the annual actuarial investigation of the retirement system prepared pursuant to section 79-984 and submit electronically a copy of such investigation to the Nebraska Retirement Systems Committee of the Legislature.

(3) Beginning July 1, 2021, each school district with a retirement system under the Class V School Employees Retirement Act shall comply with the reporting and filing requirements set forth in section 13-2402.