Provide requirements for monthly payments of retirement allowances and change when certain cost-of-living adjustments occur under the Class V School Employees Retirement Act

LB 1102 amends Nebraska's Class V School Employees Retirement Act to establish specific requirements for monthly retirement payments to eligible school employees. It changes the timing for certain cost-of-living adjustments to retirement benefits and redefines "retirement date" for administrative clarity. The bill harmonizes existing provisions within the retirement system and repeals outdated sections of the law. These changes directly affect current and future Class V retirement plan members who receive monthly allowances. The bill focuses on updating payment structures and adjustment schedules without altering benefit amounts or eligibility.