(A) In the event that after 4 or more years of employment a firefighter terminates his or her employment for the purpose of becoming a firefighter employed by another city of the first class in the state and such new employment commences within 90 days of the termination, the firefighter shall be entitled to transfer to the firefighters retirement system fund of the city by which he or she is newly employed the full amount of his or her contribution and his or her vested portion of the value of his or her employer account at the time of termination. The transferred funds shall be administered by the Retirement Committee of the city to which transferred. Upon the transfer, the city and the retirement system from which the firefighter transferred shall have no further obligation to such firefighter or his beneficiary. Following the commencement of new employment, the transferring firefighter shall be deemed a new employee for all purposes of the retirement system of the city to which he or she transferred.
(B) Beginning January 1, 1993, a firefighter who is to receive an eligible rollover distribution, within the meaning of § 401(a)(31) of the Internal Revenue Code, from the retirement system may choose to have the distribution made in the form of a direct transfer to the trustee or custodian of a retirement plan eligible to receive the transfer under the code if the election is made in the form and within the time period required by the Retirement Committee and the plan to which the transfer is to be made will accept the transfer.
(Prior Code, § 24-244)
Statutory reference:
Similar provisions, see Neb. RS 16-1042