Nebraska Administrative Code
Topic - PUBLIC EMPLOYEES RETIREMENT SYSTEMS
Title 303 - PUBLIC EMPLOYEES RETIREMENT BOARD
Chapter 25 - TRANSFER OF MUNICPAL EMPLOYEE TO RETIREMENT SYSTEM FOR NEBRASKA COUNTIES
Section 303-25-003 - Transfer from Other Governmental Plan
Universal Citation: 303 NE Admin Rules and Regs ch 25 ยง 003
Current through September 17, 2024
003.01 A fulltime or part-time employee of a city, village, fire protection district, or township who becomes a municipal county employee shall transfer all of his or her funds in the retirement system of the city, village, fire protection district, or township by paying to the Retirement System for Nebraska Counties from funds held by the retirement system of the city, village, fire protection district, or township an amount equal to one of the following:
003.01(a) If
the retirement system of the city, village, fire protection district, or
township maintains a defined benefit plan, an amount not to exceed the initial
benefit transfer value as provided in Neb. Rev. Stat. §
13-2401,
leaving no funds attributable to the transferred employee within the retirement
system of the city, village, fire protection district, or township;
or
003.01(b) If the retirement
system of the city, village, fire protection district, or township maintains a
defined contribution plan or cash balance plan, an amount not to exceed the
employee and employer accounts of the transferring employee plus earnings
during the period of employment with the city, village, fire protection
district, or township. The employee shall receive vesting credit for his or her
years of service in a governmental plan, as defined in section 414(d) of the
Internal Revenue Code, maintained by the city, village, fire protection
district, or township.
003.02 Payment shall be made within five (5) years after employment begins with the receiving entity or prior to retirement, whichever comes first, and may be made through a direct transfer or rollover.
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