Change provisions relating to termination of employment under the School Employees Retirement Act and the Class V School Employees Retirement Act

LB 824 amends Nebraska's School Employees Retirement Act and Class V School Employees Retirement Act to redefine "termination of employment" and update benefit calculation rules. It changes how retirement benefits are calculated based on when school employees were hired: those hired before July 1, 2017, use a blended mortality table (25% male/75% female) with an 8% interest rate, while those hired on or after that date use a unisex mortality table and an interest rate approved by the retirement board. The bill also clarifies what counts as "compensation" for retirement purposes, excluding items like severance pay, bonuses, and accrued leave converted to cash. These changes directly affect school employees covered under these retirement systems who are calculating or receiving retirement benefits.