NE LB551

Prohibits the University of Nebraska Board of Regents, Nebraska State Colleges Board of Trustees, and community college boards from establishing or authorizing academic tenure for any employee not already tenured before the bill's effective date

Requires each governing board to adopt written policies covering employee agreements, acceptable grounds for dismissal (including just cause, program discontinuance, and financial exigency), and procedures for faculty termination

Mandates annual performance evaluations of all faculty members and establishes minimum standards of good practice for faculty

Requires boards to create standards for review and discipline of faculty members

Amends reduction-in-force policies for community colleges by removing "tenured" from the category of employees protected from reduction while probationary employees are retained