Nebraska Statutes 79-514. Retirement annuity contracts; purchase; contributions to retirement plans; withholding of salary
(1) The school board or board of education of any school district has the authority to (a) purchase retirement annuity contracts for any or all of its employees from any insurance company licensed to do business in the State of Nebraska, (b) enter into contracts with its employees providing for the purchase by it of such retirement annuity contracts, (c) provide for the purchase by it of such retirement annuity contracts in the general contract of employment with any or all of its employees, or (d) for the purposes of separation payments made at retirement and early retirement inducements, make contributions picked up under section 414(h) of the Internal Revenue Code to plans under section 401(a) or 403(a) of the code and make contributions to plans under section 403(b) of the code.
Terms Used In Nebraska Statutes 79-514
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Company: shall include any corporation, partnership, limited liability company, joint-stock company, joint venture, or association. See Nebraska Statutes 49-801
- Contract: A legal written agreement that becomes binding when signed.
- School: means a school under the jurisdiction of a school board authorized by Chapter 79. See Nebraska Statutes 79-101
- School board: means the governing body of any school district. See Nebraska Statutes 79-101
- State: when applied to different states of the United States shall be construed to extend to and include the District of Columbia and the several territories organized by Congress. See Nebraska Statutes 49-801
(2) Nothing in this section nor any other provision of Chapter 79 shall be construed to authorize a school board or board of education of any school district to offer a separate plan classified as a qualified plan under section 401(a) of the Internal Revenue Code unless specifically listed in this section.
(3) When necessary in connection with the purchase of retirement annuity contracts, any such employee may execute an order authorizing the withholding of necessary amounts from any wages or salary payable to the employee and such order and revocation thereof shall be executed in the manner and form required by section 44-1609.
Source
- Laws 1963, c. 465, § 1, p. 1493;
- R.S.1943, (1994), § 79-4,152;
- Laws 1996, LB 900, § 267;
- Laws 2005, LB 329, § 1.