Change provisions relating to the Public Employees Retirement Board

LB 420 amends Nebraska's Public Employees Retirement Board structure by specifying its membership composition and appointment rules. The bill requires seven appointed board members to be active or retired participants in specific state retirement systems (like school employees, judges, state patrol, and county employees), plus two non-state members with management or actuarial expertise. It establishes staggered five-year terms for most members, adds a new Class V school teacher position starting September 2024, and clarifies appointment procedures (Governor appoints with legislative approval). This directly affects who serves on the retirement board and how retirement system participants are represented. The bill replaces the existing board provisions without altering retirement benefit calculations or funding.