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<p class="MsoNormal">The State of Nebraska does not offer multiple retirement options. Nebraska provides a single, mandatory Cash Balance pension plan for all full-time employees. Participation for permanent part-time employees is optional.
<o:p></o:p></p>
<ul style="margin-top:0in" type="disc">
<li class="MsoListParagraph" style="margin-left:0in;mso-list:l0 level1 lfo1">Members contribute 4.8% of salary pre-tax and the state matches contributions at 156%.<o:p></o:p></li><li class="MsoListParagraph" style="margin-left:0in;mso-list:l0 level1 lfo1">Members are “vested” after a total of three years of plan participation (36 full months of contributions).<o:p></o:p></li><li class="MsoListParagraph" style="margin-left:0in;mso-list:l0 level1 lfo1">Member accounts receive an “interest credit rate” (rate of return) based on the federal mid-term rate plus 1.5% and are guaranteed a minimum annual rate of return of 5%.<o:p></o:p></li><li class="MsoListParagraph" style="margin-left:0in;mso-list:l0 level1 lfo1">Members have multiple payment options of their account at retirement.<o:p></o:p></li></ul>
<p class="MsoNormal"><br>
History: “The State Employees' Retirement plan began as a Defined Contribution plan in 1964. 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 State Retirement Plan participate
in Cash Balance.” Website: <a href="https://protect-us.mimecast.com/s/_kajCERpXxf6zy8AHNskXa?domain=npers.ne.gov">https://npers.ne.gov/SelfService/public/planInformation/state/statePlanInfo.jsp</a><o:p></o:p></p>
<p class="MsoNormal"><br>
In addition, state employees may also participate in a voluntary Deferred Compensation Plan (DCP) with adjustable contributions and investment options. <o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal" style="margin-bottom:2.0pt"><b><span style="font-family:"Arial",sans-serif;color:black">Laura L. Cooper, C.L.S.S.Y.B<o:p></o:p></span></b></p>
<p class="MsoNormal" style="margin-bottom:2.0pt"><i><span style="font-size:9.0pt;font-family:"Arial",sans-serif;color:#595959">Research Analyst II
</span></i><span style="font-size:9.0pt;font-family:"Arial",sans-serif;color:#595959">| Employee Relations</span><span style="font-size:7.0pt;font-family:"Arial",sans-serif;color:#595959"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin-bottom:2.0pt"><span style="font-size:12.0pt;font-family:"Arial",sans-serif;color:#595959"><o:p> </o:p></span></p>
<p class="MsoNormal" style="margin-bottom:2.0pt"><b><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#595959">Nebraska Department of Administrative Services<o:p></o:p></span></b></p>
<p class="MsoNormal" style="margin-bottom:2.0pt"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#595959">1526 K Street, Suite 120, Lincoln, NE 68508<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:7.0pt;font-family:"Arial",sans-serif;color:#595959">OFFICE</span><span style="font-family:"Arial",sans-serif;color:#595959">
</span><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#595959">402-471-4460<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:7.0pt;font-family:"Arial",sans-serif;color:#595959">CELL</span><span style="font-family:"Arial",sans-serif;color:#595959">
</span><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#595959">402-219-1999<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-bottom:2.0pt"><span style="font-size:10.0pt;font-family:"Arial",sans-serif"><a href="mailto:laura.l.cooper@nebraska.gov">laura.l.cooper@nebraska.gov</a><span style="color:#595959"><o:p></o:p></span></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><a href="https://protect-us.mimecast.com/s/AILACG6rX8ULPnNyc7Uu2L?domain=das.nebraska.gov/"><b><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#595959">das.nebraska.gov</span></b></a> |
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<b><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#595959">Facebook</span></b></a> |
<a href="https://protect-us.mimecast.com/s/4QcSCKry7QCrYKyAfAU9T7?domain=gcc02.safelinks.protection.outlook.com">
<b><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#595959">Twitter</span></b></a></span><span style="color:#002060"><o:p></o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><i>This e-mail transmission and any attachments to it contain information from the Department of Administrative Services Employee Relations Division, which is confidential and/or privileged. The information is intended to be solely for
the use of the individual or entity named above. If you are not the intended recipient, any disclosure, copying, distribution or the use of the contents of this information is prohibited. If you have received this e-mail in error, please immediately notify
me by return e-mail and delete the information you received in error immediately.
<o:p></o:p></i></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal"><b>From:</b> Hart, Lynn L. <lyhart@nd.gov> <br>
<b>Sent:</b> Tuesday, May 31, 2022 1:43 PM<br>
<b>To:</b> dhr_ncasg_survey_list@admws.idaho.gov<br>
<b>Cc:</b> Breuer, Stacey <sbreuer@nd.gov><br>
<b>Subject:</b> [NCASG] Question on retirement plan options<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Do your state employees have an opportunity to choose among alternative retirement plans?<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Here in North Dakota, our main retirement plan is a defined benefit (pension) plan. The state also offers a defined contribution retirement plan. Currently only non-classified employees and appointed and elected officials are eligible
for the defined contribution plan, but there was an earlier period (October 2013 to July 2017) when the plan was available to all regular state employees. New, eligible employees can make an irrevocable choice within the first six months of employment to
opt out of the defined benefit plan and participate in the defined contribution plan.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Does your state offer any similar option?<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">To keep the question simple, I am ignoring the fact we have separate retirement plans for judges and law enforcement.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">I would appreciate any information you can provide.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Thanks,<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="font-size:13.0pt;font-family:"Arial",sans-serif;color:#00A0DD">Lynn Hart,
</span><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#00A0DD">SPHR, SHRM-SCP, CCP, CEBS</span><span style="font-size:13.0pt;font-family:"Arial",sans-serif;color:#00A0DD"><o:p></o:p></span></p>
<p class="MsoNormal"><i><span style="font-size:10.0pt;font-family:"Arial",sans-serif">Total Rewards Manager<o:p></o:p></span></i></p>
<p class="MsoNormal"><i><span style="font-size:10.0pt;font-family:"Arial",sans-serif"><o:p> </o:p></span></i></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif">701.328.4739
<span style="color:#D34727">•</span><span style="color:black"> </span><u><span style="color:blue"><a href="mailto:lyhart@nd.gov"><span style="color:blue">lyhart@nd.gov</span></a></span></u><span style="color:black">
</span> <span style="color:#D34727">• </span><u><span style="color:blue"><a href="https://protect-us.mimecast.com/s/UHe-CM8AK1U6LPyoH1QrS-?domain=gcc02.safelinks.protection.outlook.com"><span style="color:blue">www.omb.nd.gov</span></a>
</span></u><o:p></o:p></span></p>
<p class="MsoNormal"><i><span style="font-size:10.0pt;font-family:"Arial",sans-serif"><o:p> </o:p></span></i></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif"><img border="0" width="277" height="72" style="width:2.8854in;height:.75in" id="Picture_x0020_1" src="cid:image001.png@01D87595.F097B280"></span><span style="font-size:10.0pt;font-family:"Arial",sans-serif"><o:p></o:p></span></p>
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