Nebraska Revised Statute 72-1249

Chapter 72 Section 1249

72-1249.

Expenses; costs; how paid; Class V School Employees Retirement Cash Fund; created; use; investment.

(1) Any expenses with respect to the purchase, sale, or exchange of any security shall be charged to the fund or funds on behalf of which such purchase, sale, or exchange was made. All other expenses of the state investment officer shall be paid out of appropriations for the office of the state investment officer.

(2) Beginning on March 31, 2016, any expenses with respect to the transfer to and assumption by the council and the state investment officer of the duty and authority to invest the assets of a retirement system provided for under the Class V School Employees Retirement Act shall be charged to the Class V School Employees Retirement Fund established in section 79-9,115. Such expenses shall be paid without the approval of the board of education as defined in section 79-978 or the board of trustees provided for in section 79-980.

(3) The Class V School Employees Retirement Cash Fund is created. The fund shall be administered by the council. The fund shall consist of funds received for costs, fees, and expenses incurred by the council and the state investment officer for duties and authority related to the investment and reinvestment of the assets of a retirement system provided for under the Class V School Employees Retirement Act. Any money in the fund available for investment shall be invested by the state investment officer pursuant to the Nebraska Capital Expansion Act and the Nebraska State Funds Investment Act.

(4) Management, custodial, and service costs which are a direct expense of investing the assets of a retirement system provided for under the Class V School Employees Retirement Act may be paid from the income of such assets when it is not prohibited by statute or the Constitution of Nebraska. For purposes of this section, management, custodial, and service costs include investment counsel fees for managing assets, real estate mortgage loan service fees, real estate management fees, and custody fees for fund securities. All such fees shall be approved by the council and the state investment officer.

Source

  • Laws 1969, c. 584, § 13, p. 2354;
  • Laws 1972, LB 1279, § 1;
  • Laws 1977, LB 364, § 1;
  • Laws 2016, LB447, § 6.
  • Operative Date: March 31, 2016

Cross References

  • Class V School Employees Retirement Act, see section 79-978.01.
  • Nebraska Capital Expansion Act, see section 72-1269.
  • Nebraska State Funds Investment Act, see section 72-1260.