Nebraska Administrative Code
Topic - PUBLIC EMPLOYEES RETIREMENT SYSTEMS
Title 303 - PUBLIC EMPLOYEES RETIREMENT BOARD
Chapter 4 - REFUND AND TERMINATION BENEFIT PROCEDURES
Section 303-4-003 - School Plan

Universal Citation: 303 NE Admin Rules and Regs ch 4 ยง 003

Current through March 20, 2024

003.01 No refund or termination benefit shall be made until the employer has provided to NPERS proof that the member's termination date has occurred.

003.02 A member may file an application for a refund or termination benefit not more than one hundred twenty (120) days prior to the member's termination date.

003.03 Distribution Amount

003.03(a) Except as provided in subsection (b) of this section, a refund or termination benefit shall consist of the member's entire employee account balance.

003.03(b) A refund to the sole beneficiary of the member who is the surviving spouse of the member as described in Neb. Rev. Stat. § 79-956(2)(a) and (3)(a) shall also include an amount equal to 101% of the member's account balance.

003.04 Timing of Distribution

003.04(a) Distribution of a refund to a member shall (1) not occur before the later of (1) four (4) calendar months after the member's termination date, and (2) twenty (20) business days after NPERS receives a completed and valid application for a refund.

003.04(b) Distribution of a refund to the beneficiary of a deceased member shall not occur earlier than twenty (20) days after the member's death.

003.05 If the member returns to employment with an employer participating in the School Plan within 180 calendar days of the member's termination date, the member shall be required to repay the entire amount of the refund or termination benefit received. Payment shall be made as soon after returning to work as is practicable and within two (2) years of returning to employment. If the Director determines repayment within two (2) years will create a hardship for the member, then such repayment shall be completed within four (4) years of returning to employment.

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