(1) Except as otherwise specifically provided by law, the state investment officer shall direct the investment and reinvestment of money in all state funds not currently needed and all funds described in section 83-133 and order the purchase, sale, or exchange of securities for such funds. He or she shall notify the State Treasurer of any payment, receipt, or delivery that may be required as a result of any investment decision, which notification shall be the authorization and direction for the State Treasurer to make such disbursement, receipt, or delivery from the appropriate fund.
(2)(a) No later than March 31 of each year, the Nebraska Investment Council shall:
(i) Have an analysis made of the investment returns that have been achieved on the assets of each retirement system administered by the Public Employees Retirement Board as provided in section 84-1503 and on the assets of each retirement system provided for under the Class V School Employees Retirement Act; and
(ii) Present such analysis to the board .
(b) Such analysis shall be prepared by an independent organization:
(i) That has demonstrated expertise to perform the type of analysis required by this subsection; and
(ii) For which there exists no conflict of interest in the analysis being provided.
(c) The analysis may be waived by the council for any retirement system with assets of less than one million dollars.
(3) No later than April 10 of each year, the council shall:
(a) Prepare an annual report that includes, but is not limited to, the council's investment portfolios, investment strategies, the duties and limitations of the state investment officer, an organizational structure of the council's office, and the analysis made pursuant to subsection (2) of this section; and
(b) Present such annual report to the Nebraska Retirement Systems Committee of the Legislature at a public hearing.