I wanted to provide some information to you regarding an issue that is generating a number of calls and e-mails from retirement plan members to senators’ offices and the Nebraska Public Employees Retirement System (NPERS). Members are requesting loans from their retirement accounts, as authorized under the federal CARES Act. As described in the memo, the granting of loans is optional and only available to members if loans have been authorized by the plan sponsor, i.e. the State of Nebraska. Unfortunately, these loans are not available to Nebraska plan members because Nebraska has not enacted legislation authorizing such loans.

I’ve attached a memo from the Legislature’s Retirement Committee that explains the background of what was expected from the CARES Act and why employees won’t be able to take advantage of one provision. Don’t hesitate to contact my office for any more information on this issue.