Nebraska Administrative Code
Topic - PUBLIC EMPLOYEES RETIREMENT SYSTEMS
Title 303 - PUBLIC EMPLOYEES RETIREMENT BOARD
Chapter 24 - BENEFIT OPTIONS AND DISTRIBUTION RULES
Section 303-24-003 - State and County Retirement Systems

Universal Citation: 303 NE Admin Rules and Regs ch 24 ยง 003

Current through March 20, 2024

003.01 Members of the Nebraska State Employees Retirement System and members of the Retirement System for Nebraska Counties who participate in the defined contribution option may elect to receive a retirement benefit under the following options:

003.01(a) Life Only Annuity;

003.01(b) Modified Cash Refund Annuity;

003.01(c) Period Certain and Continuous Annuity (5, 10, and 15 years);

003.01(d) Joint and Survivor Annuity (50%, 75% and 100%);

003.01(e) Non-spousal Joint and Survivor Annuity (50%);

003.01(f) Designated Period Annuity (5, 10, 15, and 20 years);

003.01(g) Lump Sum;

003.01(h) Systematic Withdrawal;

003.01(i) Rollover; or,

003.01(j) A defined contribution member may settle their account balance by selecting any combination of the following distribution options: lump sum, rollover, systematic withdrawal and/or annuity option.

003.02 Members of the Nebraska State Employees Retirement System and members of the Retirement System for Nebraska Counties who participate in the cash balance option may elect to receive a retirement benefit under the following options:

003.02(a) Life Only Annuity;

003.02(b) Modified Cash Refund Annuity;

003.02(c) Period Certain and Continuous Annuity (5, 10, and 15 years);

003.02(d) Joint and Survivor Annuity (50%, 75% and 100%);

003.02(e) Non-spousal Joint and Survivor Annuity (50%);

003.02(f) Designated Period Annuity (5, 10, 15, and 20 years);

003.02(g) Lump Sum;

003.02(h) Rollover; or,

003.02(i) A cash balance member may settle their account balance by selecting any combination of the following distribution options: lump sum, rollover and/or annuity option. All distribution choices must be made at the same time.

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