Current through September 17, 2024
Section 303-4-004 - Judges and Patrol Plans004.01 No refund or termination benefit shall be made until the employer has provided to NPERS proof that the member has terminated employment. 004.02 A member may file an application for a refund or termination benefit not more than ninety (90) days prior to the member's termination of date.004.03 A refund or termination benefit shall consist of the member's entire employee account balance.004.04 Timing of Distribution 004.04(a) Distribution of a refund to a member shall not occur before the later to occur of (1) sixty (60) calendar days after the member's termination date, and (2) twenty (20) business days after NPERS receives a completed and valid application for a refund.004.04(b) Distribution of a refund to the beneficiary of a deceased member shall not occur sooner than twenty (20) days after the member's death.004.04(c) Subsection 004.04 does not apply to the deferred retirement option plan (DROP) provided in Neb. Rev. Stat. § 81-2041.004.05 If the member returns to employment with an employer participating in the plan from which the member has taken a refund or termination benefit within 120 calendar days of the termination date, then the member shall repay the entire amount of the refund or termination benefit received. Payment shall be made as soon after returning to work as is practicable and within two (2) years of returning to employment. If the Director determines repayment within two (2) years will create a hardship for the member, then such repayment shall be completed within four (4) years of returning to employment.303 Neb. Admin. Code, ch. 4, § 004