Nebraska Administrative Code
Topic - PUBLIC EMPLOYEES RETIREMENT SYSTEMS
Title 303 - PUBLIC EMPLOYEES RETIREMENT BOARD
Chapter 3 - MATERIALITY AMOUNTS FOR TRANSACTIONS
Section 303-3-003 - Materiality Amounts for Agency Transactions

Universal Citation: 303 NE Admin Rules and Regs ch 3 ยง 003

Current through March 20, 2024

003.01 Employer Reporting

No receivable or payable will be created if remittances from school employers for monthly contributions are within +/- $ 10.00 per report of the required amount. Schools will not be billed if the past due interest amount calculated on a monthly late remittance is less than $ 10.00.

003.02 Purchase of Service

Payments from members or rollover payments for purchase of service or refunded service will be receipted as payment for contract completion if the payment is within +/-$10 per report of the amount due.

003.03 Recalculation of a Final Benefit

003.03(a) For Defined Benefit plans: the monthly retiree benefit payments that require recalculation will not be adjusted if the change in the monthly benefit amount is within+/- $ 10.00 per report of the original calculated final benefit.

003.03(b) For State and County plans: The monthly defined contribution and cash balance retiree benefit payments that require recalculation will not be adjusted if the change in the monthly benefit amount is within +/- $ 10.00 of the original calculated final benefit.

003.04 Make-up Contributions Agreements

003.04(a) For Defined Benefit plans: In the case of a contribution error, if the calculation of the missed contribution for the employee and employer in total is $30 or less, no make-up will be required.

003.04(b) For State and County plans: If the calculation of a missed contribution of employer and employee in total is $10 or less, no make-up will be required.

003.05 Refund Buy-Back Purchase

If the variance between the calculated refund amount (the amount before the applicable rate of interest is added on) and the member's actual refund distribution is within 0.5%, then the calculated amount will be accepted as valid.

003.06 Ineligible contributions

If the combined total calculation of ineligible contributions for an employee and employer are less than $50 during a specific time period that is no more than two years in length, then no refund will be made.

Disclaimer: These regulations may not be the most recent version. Nebraska may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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