Eliminate certain verification requirements performed by the Public Employees Retirement Board and change duties of the board and the Nebraska Investment Council relating to retirement systems

LB 821 eliminates the Public Employees Retirement Board’s requirement to verify that retirement investments serve only member benefits (previously mandated in section 84-1309.01) and removes the need for "written plans of action" (section 84-1503). Instead, it requires the Nebraska Investment Council to prepare an annual report by April 10, including investment strategies, portfolios, and an analysis of returns from each retirement system (section 72-1243). The Public Employees Retirement Board must also submit an annual report by March 31. These changes affect the Board, the Investment Council, and Nebraska’s public employee retirement systems, streamlining administrative tasks while adding new reporting obligations. The bill focuses on procedural updates to retirement system oversight without altering benefit structures.