Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Npers Annual Report topic
No spam. Unsubscribe anytime.
NPERS reports $23 billion in assets, 175,000 members; OSERS remains under 60% funded
Summary
Tyler Cummings, interim director of the Nebraska Public Employees Retirement System, told the Retirement Systems Committee NPERS serves about 175,000 members, that the system had roughly $23 billion in assets under management and paid more than $1.3 billion in retirement distributions in 2024.
Tyler Cummings, interim director of the Nebraska Public Employees Retirement System, presented NPERS' 2024 annual report to the Legislature's Retirement Systems Committee and outlined membership, asset and benefit‑payment totals and recent administrative milestones.
Cummings told the committee that NPERS serves about 175,000 plan members and that the Nebraska Investment Council manages roughly $23 billion in plan assets. He said the system paid more than $1.3 billion in retirement distributions in 2024 and that the average monthly benefit payment is about $2,300. Cummings said 88% of retirement distributions go to Nebraska residents.
Cummings also highlighted administrative work completed in 2024: NPERS answered more than 45,000 phone calls, handled roughly 2,000 in‑office visits, implemented multi‑factor authentication for member and employer portals, conducted 55 employer audits, and processed about 2,000 new retirements (excluding the recently transferred Omaha School Employees' Retirement System, OSERS).
OSERS and funding status: Cummings recapped that NPERS began administering the Omaha School Employees' Retirement System on Sept. 1 under prior legislation and said OSERS is the only plan in the NPERS portfolio below 80% funded; he reported it is “just slightly below 60%.” When asked about the outlook for OSERS, Cummings said the Omaha Public Schools have been contributing their actuarially required contributions and additional payments, and he estimated improving OSERS' funding will take time: “It’s gonna take time…a 30 to 40 year horizon,” he said.
Geographic and local impact data: Cummings pointed the committee to county‑level breakdowns in the annual report that show monthly benefit payments by county and plan, including totals showing roughly $92 million paid in annuity payments each month to all plan members, and about $81 million per month paid to Nebraska residents across plans.
Legislative and operational context: Cummings noted the annual report is required by statute to be presented to the committee by April 10. He also summarized plan structure (seven plans administered, including defined benefit, cash balance and defined contribution plans) and reminded the committee NPERS employs about 60 full‑time staff to administer benefits and services.
The committee asked follow‑up questions about OSERS' investments and whether NPERS and the Nebraska Investment Council plan to align OSERS' investment strategy with other defined‑benefit plans; Cummings said NIC staff are working to remove poor‑performing investments from OSERS and align allocations with other defined‑benefit plans, and he deferred detailed investment strategy questions to the NIC.
