Changes to retirement plan for officers of 1 st Class Cities found under LB426

The following is a brief summary of what is in LB 426 which the Legislature is considering for a revision in retirement benefits for police officers of 1 st Class Cities. See the actual bill, as drafted, under the States Legislature website: http://nebraskalegislature.gov/

1. Cities of the second class and villages are not covered by this offer;

2. Counties are not covered by this offer from the League;

3. On October 1, 2009 : The city would increase the city contribution up to 8%, subject to an equal employee match;

4. On October 1, 2012 : The city would increase the city contribution up to 9%, subject to an equal employee match;

5. Vesting reduced to five years;

6. The legislation to include provision for portability of pension contributions from one first class city to another;

7. City payments for increases in contributions beyond October 1, 2009 shall be outside of lid/levy restrictions;

8. The League opposes legislation that would allow individual cities from negotiating any pension benefits beyond those provided herein thus helping ensure comparability and portability;

9. Peace officers may continue to participate in deferred compensation programs as may be available in their respective cities;

10. Disability and survivor benefits remain unchanged by this offer;

11. No further enhancements to pension legislation for peace officers until 2016.

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