LB821 would rename and modernize NPERS and NIC annual reporting requirements

Trevor Fitzgerald introduced LB821 to modernize statutory reporting requirements for the Nebraska Public Employees Retirement Systems (NPERS) and the Nebraska Investment Council (NIC). Fitzgerald said the current statutory phrase — "written plans of action" — dates from 1995 and has been colloquially treated as annual reports. LB821 would update the terminology to "annual reports."

Fitzgerald explained the bill would consolidate two separate NIC statutory reporting requirements into a single annual report and extend the NIC deadline for presenting its report to the Retirement Systems Committee from March 31 to April 10, a slightly longer window while the Legislature is in session. He also said LB821 would repeal language requiring the Public Employees Retirement Board (PERB) to verify investment information — a task the NIC actually performs.

Committee members asked no follow-up questions, and no proponents, opponents or neutral testifiers appeared; the committee recorded no letters for the record. The committee closed the LB821 hearing.