Nebraska Administrative Code
Topic - PUBLIC EMPLOYEES RETIREMENT SYSTEMS
Title 303 - PUBLIC EMPLOYEES RETIREMENT BOARD
Chapter 15 - PURCHASE OF SERVICE CREDIT
Section 303-15-004 - Out-of-State Service (School Plan Members Only)
Current through March 20, 2024
004.01 For purposes of this regulation, out-of-state service shall mean creditable service rendered in public schools in another state or schools in this state covered by the school retirement system established pursuant to Neb. Rev. Stat. § 79-979 and subject to the limitations established by law.
004.02 All general provisions in Section 002 and methods of purchasing service as defined in Section 007 of this regulation will apply to the purchase of out-of-state service.
004.03 Service for the out-of-state service must be verified on forms prescribed by NPERS before the actual cost of purchase can be determined
004.04 The cost of purchasing out-of-state service is the actuarial cost of the service incurred by the School Employees Retirement System for allowing such additional service credit to the employee.
004.05 A member's out-of-state service credit may not exceed the amount of service credit the member actually accrues as a school employee in the State of Nebraska. When a member who has purchased out-of-state service credit ceases employment and applies for monthly retirement benefits, the years of service credit attributable to in-state service with a covered employer shall be compared with the years of out-of-state service credit that were purchased. If the years of out-of-state service by the member exceed the years of the member's in-state service, the excess years of out-of-state service will be eliminated in determining the member's benefits under the School Employees Retirement Plan. The member, if under contract or employed by a covered employer on or after July 19, 1996, shall receive a refund of the cost of the out-of-state service that had been purchased by the member but which is eliminated under this regulation. No interest shall be paid on the refund.
004.06 Fractional years of out-of-state service for a member of the Nebraska School Retirement System may be purchased.
004.07 When determining the code section 415 benefit limits at the time a member commences benefit payments, the high three consecutive years of section 415 compensation must be compensation from the covered employer. This means the out-of-state compensation cannot be used to determine the limit.
