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The Public Employees Retirement Board was created in 1971 to administer Nebraska retirement plans for school
employees, state employees, judges and the State Patrol. The board assumed administration of the retirement
system for Nebraska county employees in 1973.
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Effective January 1, 2005, the Public Employees Retirement Board (PERB) consists of eight members appointed
by the Governor for five year terms. Six members are participants in the retirement systems administered by
the PERB. Two are at-large members and are not employees of the State of Nebraska or any of its political
subdivisions. The State Investment Officer is also a member of the PERB in a non-voting, ex-officio capacity.
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The board hires a director to equally distribute expenses among the retirement systems it administers.
All expenses must be provided from investment income earned by various retirement funds, unless other
fund sources to pay expenses are specified by law.
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The state auditor audits state retirement systems each year and makes an annual report to the Legislature.
The board also annually reports on the actuarial condition of state retirement systems to the Legislature
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Since 1973, all actuarial reports, actuarial assumption statements and methods, and actuarial valuations
and experience investigations required for any retirement system that covers employees in any political
subdivision at least partly supported by Nebraska tax dollars must be prepared and signed by an actuary
certified by the board.
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