Nebraska Administrative Code
Topic - PUBLIC EMPLOYEES RETIREMENT SYSTEMS
Title 303 - PUBLIC EMPLOYEES RETIREMENT BOARD
Chapter 9 - MISSING OR UNRESPONSIVE PARTICIPANTS AND BENEFICIARIES
Section 303-9-007 - Distributing Unclaimed Benefits

Universal Citation: 303 NE Admin Rules and Regs ch 9 ยง 007

Current through September 17, 2024

007.01 Pursuant to Neb. Rev. Stat. § 69-1307.03, all distributions held in a retirement plan administered by NPERS, which has not been paid or distributed for more than thirty (30) days after the earliest of the following:

(a) the actual date of distribution or attempted distribution;

(b) the date contracted for distribution in the plan; or

(c) the date specified in the internal revenue law of the United States by which distribution must begin in order to avoid a tax penalty, is presumed abandoned unless the participant within the five (5) years preceding any such date has made additional contributions or transfers of funds to plan, was paid or received a distribution, communicated concerning the retirement account, or otherwise indicated an interest as evidenced by a memorandum or other record on file with NPERS.

007.02 Pursuant to Neb. Rev. Stat. § 69-1310, NPERS shall report to the State Treasurer property presumed abandoned as indentified in subsection 007.01. The report shall be filed before November 1st of each year as of June 30th next preceding, The property must accompany the report unless excused by the State Treasurer for good cause. The report shall be verified by NPERS and shall include:

(a) the name, if known, and last-known address, if any, of each missing participant from NPERS' records to be the owner of any property presumed abandoned;

(b) the identifying number, if any, or description of the property and the amount appearing from the records to be owed to the participant, except that items of less than twenty-five ($25) dollars may be reported in the aggregate;

(c) The date when the property became payable, demandable, or returnable, and the date of the last transaction with the participant with respect to the property; and,

(d) Other information which the State Treasurer may prescribe by rule.

007.03 If NPERS knows the whereabouts of a previously determined missing participant, NPERS shall, before filing the annual report in subsection 007.02, communicate with the participant and take necessary steps to prevent abandonment from being presumed. NPERS shall exercise due diligence to ascertain the whereabouts of the missing participant.

007.04 NPERS shall pay or deliver to the State Treasurer all abandoned property specified in the report described in subsection 007.02, except that, if the participant establishes his right to receive the abandoned property to the satisfaction of NPERS within the time specified in Neb. Rev. Stat. § 69-1311, or if it appears that for some other reason the presumption of abandonment is erroneous, then NPERS need not pay or deliver the property, which will no longer be presumed abandoned, to the State Treasurer, but in lieu thereof NPERS shall file a verified written explanation of the proof of claim or of the error in the presumption of abandonment.

007.05 Once the abandoned property has been paid or delivered by NPERS to the State Treasurer, NPERS will no longer be responsible for returning the participant's abandoned property to the participant.

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