Change provisions relating to optional benefit forms under the Police Officers Retirement Act

Nebraska's LB 743 amends the Police Officers Retirement Act to clarify how retiring officers can receive pension benefits. It specifically updates the process for calculating lump-sum payments, requiring the retirement system to use the average of three annuity contracts (one chosen by the officer, one by the committee, and one by the city) to determine the actuarial equivalent value. This change directly affects police officers eligible for minimum pension benefits under existing rules (e.g., 40-50% of pay after 25 years of service). The bill takes effect October 1, 2026, and repeals the original section it amends.