Nebraska Statutes 79-971. Accumulated contributions; use
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The Nebraska Public Employees Retirement Systems shall keep an accounting of the required deposits from the compensation of members collected to provide savings annuities. The accumulated contributions, plus statutorily required accumulated interest, of a member may be (1) returned to the member upon the member’s termination, (2) paid pursuant to section 79-969 in the event of the member’s death, or (3) in the event of the member’s retirement, used to assist in funding the member’s school retirement allowance, disability retirement allowance, or formula annuity allowance. Any accumulated contributions forfeited shall be transferred from the School Retirement Fund to the Contingent Account.
Source
- Laws 1945, c. 219, § 47, p. 653;
- R.S.Supp.,1947, § 79-2947;
- Laws 1949, c. 256, § 480, p. 855;
- Laws 1969, c. 735, § 14, p. 2783;
- Laws 1971, LB 987, § 26;
- Laws 1987, LB 549, § 12;
- Laws 1988, LB 1170, § 15;
- R.S.1943, (1994), § 79-1546;
- Laws 1996, LB 900, § 606;
- Laws 2002, LB 407, § 43;
- Laws 2019, LB34, § 16.
Terms Used In Nebraska Statutes 79-971
- 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.
- School: means a school under the jurisdiction of a school board authorized by Chapter 79. See Nebraska Statutes 79-101