Nebraska Administrative Code
Topic - PUBLIC EMPLOYEES RETIREMENT SYSTEMS
Title 303 - PUBLIC EMPLOYEES RETIREMENT BOARD
Chapter 24 - BENEFIT OPTIONS AND DISTRIBUTION RULES
Section 303-24-002 - Definitions
Current through March 20, 2024
002.01 Life Only Annuity
Life Only Annuity shall mean a monthly benefit payable for the lifetime of the member. The benefit ceases upon death of the member.
002.02 Payments for a Certain and Continuous Annuity
Payments for a Certain and Continuous Annuity means a monthly benefit payable for the life of the member. A period of time is designated by the member for five (5), ten (10), or fifteen (15) years in duration. If the member dies prior to the end of the designated time period then a monthly benefit will continue to the member's beneficiary until the completion of the designated period.
002.03 Payments for a Designated Period Annuity
Payments for a Designated Period Annuity means a monthly benefit payable for a period of time designated by the member. The period of time designated can be either five (5), ten (10), fifteen (15), or twenty (20) years in duration. Payments cease at the end of the designated period. If the member dies prior to receiving all payments due, payment will continue to the member's designated beneficiary until all payments in the designated period have been made.
002.04 Joint and Survivor Annuity
Joint and Survivor Annuity means a monthly benefit payable for the lifetime of the member. At the member's death, the benefit continues to the surviving spouse at a specified rate of 50%, 75%, or 100% until the death of the surviving spouse. The percentage is selected by the member at retirement. If the spouse predeceases the member, the benefit ceases when the member dies.
002.05 Judges Joint and Survivor Annuity
Judges Joint and Survivor Annuity means a benefit payable monthly for the lifetime of the member. At the death of the member, the benefit continues to the surviving spouse at a specified rate of 50%, 66 2/3%, or 100%. The percentage is selected by the member at retirement. If the spouse predeceases the member, the benefit ceases when the member dies.
002.06 Judges Joint and Last Survivor Annuity
Judges Joint and Last Survivor Annuity shall mean a benefit payable monthly for the lifetime of the member and the member's spouse. In the event of the death of either person, the benefit continues to the survivor at a specified rate of 50%, 66 2/3%, or 100%. The percentage is selected by the member at retirement.
002.07 Modified Cash Refund Annuity
Modified Cash Refund Annuity means a benefit payable monthly for the lifetime of the member. In the event the member dies before receiving payments equal to the member's account balance at the time of retirement, the difference is paid in a lump sum to the member's beneficiary.
002.08 Lump Sum
Lump Sum means a refund of the member's account balance in lieu of an annuity.
002.09 Systematic Withdrawal
Systematic Withdrawal means periodic payments in an amount selected by the member. Payments cease when the member's account balance reaches zero.
002.10 Account Balance
Account Balance means all employee contributions plus earnings or interest accrued on such account less any applicable losses and fees. In the State Employees Retirement System and the Retirement System for Nebraska Counties, account balance for members who are vested in the retirement system shall also include all employer contributions and accrued earnings or interest, less any applicable losses and fees.
002.11 Non-spousal Joint and Survivor Annuity
Non-spousal Joint and Survivor Annuity means a monthly benefit payable for the lifetime of the member. At the member's death, the benefit continues to the non-spouse beneficiary at a rate of 50% until the death of the non-spouse beneficiary. If the non-spouse beneficiary predeceases the member, the benefit ceases when the member dies.
002.12 Retirement date
Retirement date means the first day of the month following the later of (a) the date a member terminates employment, (b) the date a member's request for retirement is received on a retirement application provided by the retirement system, or (c) the month in which the member is first eligible for benefits.
