NE LB1102

Redefines "retirement date" as the first day of the month following receipt of a retirement application (if eligible and terminated) or the first day of the month following termination (if application filed but still employed)

Establishes that monthly retirement payments become effective on the first day of a calendar month and are paid on the last business day of that month, with the first payment including all accrued amounts since the annuity's effective date

Shifts the annual cost-of-living adjustment date from January 1 to September 1, effective September 1, 2026, for members who joined before July 1, 2013 (capped at 1.5%) and members who joined on or after July 1, 2013 (capped at 1%)

Changes the medical cost-of-living adjustment date from October 3 to September 1, effective September 1, 2026, for annuitants who became members before July 1, 2016 and have received annuity payments for at least 10 years

Amends sections 79-978, 79-978.01, and 79-9,103 of Nebraska statutes and adds a new section governing monthly payment requirements