Nebraska Administrative Code
Topic - PUBLIC EMPLOYEES RETIREMENT SYSTEMS
Title 303 - PUBLIC EMPLOYEES RETIREMENT BOARD
Chapter 3 - MATERIALITY AMOUNTS FOR TRANSACTIONS
Section 303-3-002 - Purpose
Universal Citation: 303 NE Admin Rules and Regs ch 3 ยง 002
Current through September 17, 2024
002.01 The following risks or inefficiencies could occur if a materiality policy is not established:
(1) the cost plan members incur for staff
time, data processing, materials, postage, etc. in processing transactions that
may be more than the value of the transaction itself;
(2) data processing cannot be timely or
efficient if tolerance levels are not available for some editing and processing
functions; and,
(3) the Agency
could be subject to public criticism if such transactions amounts proposed to
be reversed or refunded are immaterial
002.02 The Public Employees Retirement Board has a fiduciary obligation to the plan members to spend members' funds wisely and efficiently. The need for materiality amounts within the Agency is apparent due to tolerance levels set within the Agency's computer system for various edits, parameters, etc.
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