Nebraska Administrative Code
Topic - PUBLIC EMPLOYEES RETIREMENT SYSTEMS
Title 303 - PUBLIC EMPLOYEES RETIREMENT BOARD
Chapter 4 - REFUND AND TERMINATION BENEFIT PROCEDURES
Section 303-4-005 - County and State Plans

Universal Citation: 303 NE Admin Rules and Regs ch 4 ยง 005

Current through March 20, 2024

005.01 No refund or termination benefit shall be made until the employer has provided NPERS proof that the member has terminated employment.

005.02 A member may file an application for a refund or termination benefit not more than ninety (90) days prior to the member's termination date.

005.03 Timing of Distribution

005.03(a) Distribution of a refund to a member shall not occur earlier than forty-five (45) calendar days after the member's termination date.

005.03(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 and shall not occur before the date of final account value.

005.04 Distribution Amount

005.04(a) Distribution of a refund or termination benefit to a cash balance member or a beneficiary of a cash balance member shall comprise the entire account balance the member is entitled to as determined on the date of final account value.

005.04(b) Distribution of a refund or termination benefit to a defined contribution member or the beneficiary of a defined contribution member may include all or a portion of the member's account balance.

005.05 If a member returns to employment and is subject to participation in the plan from which the member has taken a refund or termination benefit within 120 days of the date of termination, then the member shall repay the entire gross 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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