Nebraska Administrative Code
Topic - PUBLIC EMPLOYEES RETIREMENT SYSTEMS
Title 303 - PUBLIC EMPLOYEES RETIREMENT BOARD
Chapter 15 - PURCHASE OF SERVICE CREDIT
Section 303-15-005 - Leave of Absence (School Plan Members Only)
Universal Citation: 303 NE Admin Rules and Regs ch 15 ยง 005
Current through March 20, 2024
005.01 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 service for a leave of absence, as defined by law.
005.02 Verification of the leave, as approved by the school employer, must be received by NPERS before the actual cost of purchase can be determined. If the cost of purchasing service credit is based upon interest, then the member's compensation immediately prior to the leave must be verified by the school employer.
005.03(a) The cost of purchasing service
credit for a leave of absence is computed actuarially unless subsection
005.03(b) of this
section applies.
005.03(b) A member
who was hired or rehired prior to July 19, 1996, who has not changed employers
since that date and who has elected to pay for the leave of absence within
three (3) years of returning from the leave and indicating such on forms
prescribed by NPERS, shall pay the cost of purchasing service credit for a
leave of absence, which includes member and school district contributions that
would have been made during the period of leave had the member been actively
working in a public school, based on the compensation received immediately
prior to the leave, plus the regular interest on contributions that would have
accrued.
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