LINCOLN- A bill that would put roughly $77 million into filling Nebraska's budget deficit by adjusting the state's teacher retirement plan was given an early green light, despite procedural concerns. Legislative Bill 645, introduced by State Sen. Beau Ballard of Lincoln on behalf of Gov. Jim Pillen, would lower the contribution rate to the Statewide School Retirement Plan for teachers, school districts and the state. The bill advanced through its first of three rounds of floor debate in a 38-0 vote Thursday.

Opponents objected to the "rushed" process Ballard followed to amend the bill, and claimed supporters are trying to balance the budget on the backs of teachers, despite Nebraska's largest teachers' union supporting the amended legislation. In 2013, Ballard said the retirement plan was at a $108 million deficit, so lawmakers responded by raising contribution rates across the board. The strategy worked, he said, and as of July 1, 2024, the plan was 99.1% funded and on track to be 100% funded by next year.

For the full article click HERE