|
 |
|
County Employees Pension Plan
 |
| |
| |
The 1973 Legislature brought the Retirement System for Nebraska Counties under
the board's administration. The 1965 County Employees Retirement Act covered
county employees not already covered by retirement plans. By 1987, all
counties, except for Douglas and Lancaster, were required to belong to the
County Retirement System.
The Cash Balance benefit was added by passage of LB687
on April 18, 2002. As of January 1, 2003, members who begin participation in
the County Retirement Plan (the Plan) participate in the Cash Balance
benefit. Active plan participants at that time were given the the option of
keeping their Defined Contribution benefit or
converting to the Cash Balance benefit.
Participants in either benefit:
- Contribute 4.5% pre-tax to the plan. The County contributes 150%
of employees' contributions.
- May retire as early as age 55.
- Are vested after three years.
- May rollover employee and employer contributions at retirement.
- Pay record keeping fees.
Defined Contribution participants:
- Invest their Employer and Employee contributions in multiple investment fund options. To view the investment funds current rates of
return, click HERE or utilize the Online Account Access (see below). Plan returns will be
posted around the 23rd of the month following the end of each quarter (1/23, 4/23, 7/23, 10/23).
Cash Balance participants:
- Receive an "interest credit rate" (rate of return) based on
the Federal Mid-term rate plus 1.5%. To view the current Cash Balance rate of return, click HERE.
- Are guaranteed a minimum annual rate of return of 5%.
|
New Member Information Packet
|
Online Account Access
|
|
Retirement plan participants may monitor and make changes to their account using the Online Account Access and their username and password.
For instructions on creating an online account, click HERE.
|
Investment Assistance with Sterling Financial
|
Defined Contribution and Deferred Compensation Plan participants are responsible for making investment
selections from multiple investment fund options. To help plan members make the right investment decisions, the State of Nebraska has a contract with Sterling Financial Advisors,
LLC. Sterling Financial can provide information about the investment options,
talk about asset allocation or just “hold your hand” during difficult markets. Sterling is paid to help you make
good choices, not to push products.
Our Publications page now features articles from Sterling Financial.
You may contact Sterling toll free at 877-970-9300, or in Omaha at 402-970-9300. Members may also email Sterling at mary.jochim@raymondjames.com.
|
Investment Education Video
|
To further help Defined Contribution and Deferred Compensation Plan members make informed investment decisions, NPERS offers an Investment Education video.
This video covers the investment options and provides an outline on the basics of investing. Members may contact our office to "check out" this video in a
DVD format, or download it from our website. This video may be viewed using the free Microsoft Windows Media
Player.
|
"Retirement 101" Education Video
|
Retirement 101 is a 17 minute long video that explains the basics of the State and County Defined Contribution and Cash Balance plans.
This video may be viewed using the free Microsoft Windows Media Player.
|
A General Guide to Receiving Funds for an Alternate Payee
|
- If the plan member is not yet 50 years of age and is still working:
- You are not yet eligible for a distribution.
- If the plan member separates from service at any age; passes age 50 and is
still working; retires at age 55; or dies before you have received any payment
of your award:
- You will be eligible to:
- Receive a lump sum payment to yourself.
- Complete a rollover to another qualified plan.
- Receive monthly annuity payments.
- Receive systematic withdrawal payments (for Defined Contribution participants only). Systematic withdrawals may be made on a monthly, quarterly, semiannual, or annual
basis and must be a minimum withdrawal of $100.00.
NOTE: Alternate payees are not subject to the 10 percent federal tax penalty for premature distributions that is assessed to plan members who cease work before age 55 and withdraw their funds before age 59 ˝.
|
|
|
|
|