Change provisions of the School Employees Retirement Act

LB 713 amends Nebraska's School Employees Retirement Act by removing the specific definition of "prior service" and harmonizing related provisions. It directly affects current and future Nebraska public school employees covered by this retirement system. The bill updates key definitions for retirement calculations, including how compensation, creditable service, and actuarial equivalency are determined. These changes aim to simplify the system's rules without altering benefit formulas or eligibility for retirees.