Nebraska 2023-2024 Regular Session

Nebraska Legislature Bill LB221

Introduced
1/10/23  
Refer
1/12/23  

Caption

Redefine salary under the retirement plan for firefighters of a city of the first class

Impact

The bill's passage could lead to significant changes in the retirement benefits of firefighters in first-class cities. By establishing a more precise definition of salary, it is expected to enhance the accuracy of pension calculations, which would impact the financial planning of those firefighters as they approach retirement. This measure is particularly important given the physically demanding nature of their work and the common expectation that they may retire earlier than workers in other professions. Supporters assert that this update is long overdue and will bring fairness to the interpretation of salary in retirement calculations.

Summary

LB221 aims to redefine the term 'salary' as it pertains to the retirement plan for firefighters in cities classified as first class. The bill seeks to clarify what constitutes a firefighter's salary for the purposes of calculating retirement benefits. This redefinition is crucial as it directly impacts the pension and retirement calculations for these public servants, ensuring that their earnings are adequately represented in their retirement plans. Proponents of the bill argue that a clearer definition will help to address inconsistencies in how salaries are reported and calculated for retirement purposes, thus providing better financial security for firefighters once they retire.

Contention

Despite the potential benefits of LB221, there are considerations regarding its implementation and associated costs. Some stakeholders, particularly in municipalities facing budget constraints, have expressed concerns regarding the fiscal implications of adjusting retirement plans. They argue that while firefighters deserve fair compensation in their retirement, the redefinition may lead to increased financial burdens on city budgets, requiring careful assessment of the long-term impact on funding for street safety and other public services. Therefore, the discussion around the bill encompasses not only its benefits to firefighters but also the need to balance these adjustments with fiscal responsibility.

Companion Bills

No companion bills found.

Previously Filed As

NE LB686

Name the Cities of the First Class Firefighters Retirement Act and change provisions relating to firefighters employed by a city of the first class

NE LB108

Change contributions provisions under the Cities of the First Class Firefighters Retirement Act

NE LB461

Change provisions of the Cities of the First Class Firefighters Retirement Act

NE LB179

Change retirement contribution rates under the Police Officers Retirement Act and optional benefit forms under the Cities of the First Class Firefighters Retirement Act

NE LB406

Change retirement system contribution rates for firefighters of cities of the first class

NE LR159

Interim study to examine the retirement system for firefighters of cities of the first class and the creation of a cash balance retirement system

NE LR160

Interim study to examine the retirement system for firefighters of cities of the first class and the changes proposed in LB406, 2023

NE LB689

Redefine terms under the School Employees Retirement Act and the Class V School Employees Retirement Act

NE SB6197

Concerning the law enforcement officers' and firefighters' retirement system plan 2.

NE HB2338

Concerning the law enforcement officers' and firefighters' retirement system plan 2.

Similar Bills

No similar bills found.