Nebraska Retirement Systems Committee
January 23, 2026
Committee Chair: Sen. Beau Ballard | Bills Heard: 2 | Full Transcript (PDF)
LB820: A bill relating to retirement systems; to amend various sections of statute governing state, county, and school retirement plans administered by NPERS and statutes governing PERB and NIC
Introduced by: Sen. Committee (Trevor Fitzgerald, legal counsel) | Testimony: 1 proponents, 0 opponents, 0 neutral
Committee advances cleanup bill for Nebraska retirement systems with five key statutory changes. LB820 consolidates identification document requirements across state retirement plans, changes the NPERS director title to executive director, and clarifies contribution language to prevent duplicate appropriations requests. The bill also provides statutory framework for future Roth IRA contributions in the deferred compensation plan and eliminates obsolete provisions from the OSERS plan management transfer.
Why it matters: The bill prevents administrative inconsistencies that could leave some retirement plans with outdated eligibility requirements while others are updated. It also positions Nebraska to offer Roth retirement accounts when the state's technical infrastructure allows, giving state employees more retirement savings options.
What they're saying: - Tag Herbek, PERB legal counsel: The Roth language "will allow Roth accounts to be offered with the appropriate infrastructure" and the executive director title "aligns the position with industry standards." - Sen. Sorrentino sought clarification that Roth contributions would be available to all deferred compensation plan participants, not just highly compensated employees.
What's next: No vote was taken during the hearing. One letter of opposition was received for the record.
LB821: A bill relating to retirement systems; to amend sections governing annual reports by NPERS and NIC to the Nebraska Retirement Systems Committee
Introduced by: Sen. Committee (Trevor Fitzgerald, legal counsel) | Testimony: 0 proponents, 0 opponents, 0 neutral
Committee hears bill to modernize retirement systems reporting requirements with updated terminology and extended deadlines. LB821 changes statutory language from "written plans of action" to "annual reports" for NPERS and NIC submissions to the Retirement Systems Committee. The bill consolidates two separate NIC reporting requirements into one and extends the NIC reporting deadline from March 31st to April 10th, still within the legislative session window.
Why it matters: The changes align statutory language with current practice and give the Nebraska Investment Council slightly more time to prepare comprehensive annual reports without delaying legislative oversight.
What they're saying: Committee legal counsel Trevor Fitzgerald noted the current reporting requirements "date back to legislation passed in 1995" and that the bill also repeals language requiring PERB to verify investment information that NIC actually manages, eliminating a redundant requirement.
What's next: No vote was taken during the hearing. No letters were received for the record on LB821.
Session Notes
The committee also held a confirmation hearing for Keith Olson, a Creighton University business school professor teaching investment and financial courses, for confirmation to a second term on the retirement systems board. No questions were raised regarding his qualifications, and no testimony was offered in support, opposition, or neutral capacity. No letters were received for the record on the confirmation. The confirmation hearing concluded without a vote being taken. Committee Chair Ballard noted the committee meets over the noon hour and members have other hearings beginning at 1:30 p.m., so the 3-minute light system was used for testimony.
Generated by NE Wire Service | Source: Nebraska Legislature Transcribers Office This is an AI-generated summary. Verify all claims against the official transcript.