Change provisions relating to the duties of the Nebraska Investment Council, the state investment officer, and the State Treasurer

LB 661 amends Nebraska law to clarify investment duties for the Nebraska Investment Council, state investment officer, and State Treasurer regarding retirement system funds. The bill requires these officials to act as fiduciaries solely for the benefit of retirement plan members and beneficiaries, while prohibiting investments in "restricted entities" - specifically Chinese companies designated by U.S. executive orders or lists like the Specially Designated Nationals List. It mandates divestment from such restricted entities when identified and requires annual reports on certain investments. The bill directly affects Nebraska's public employee retirement systems, school employee retirement funds, educational savings plans, and the Achieving a Better Life Experience program.