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

LB 461 modifies retirement benefit options for firefighters in Nebraska cities of the first class. It expands payment choices to include annual, quarterly, or monthly installments (previously limited to monthly or lump sum) for firefighters retiring on or after January 1, 1997. The bill clarifies lump-sum payment rules by requiring cities to compare two annuity contracts (one chosen by the firefighter, one by the city) to determine the equivalent value, with city council approval if the cost difference exceeds 5%. It also updates minimum pension formulas to ensure retirees receive at least 50% of their final salary based on years of service, with specific provisions for those retiring before age 55 with 21+ years of service.