Bill would open door for State of Nebraska to take over Omaha Public Schools pension plan

The state board that administers Nebraska’s pension programs would come up with a plan to possibly take over administration of the struggling Omaha Public Schools pension plan under a bill introduced in the Legislature.

Such a change could help OPS deal with the $771 million shortfall in its pension plan. But the senator introducing the bill made it clear: He’s not interested in the state taking on the plan’s massive liabilities.

“I want people to know this is not about us rescuing them,” said Sen. Mark Kolterman of Seward, chairman of the Legislature’s committee overseeing public retirement programs. “This is about us working with OPS to help them rescue their own plan.”

OPS, the state’s largest school district, has been wrestling with its underfunded pension plan, which this fall forced the district to cut $19 million from its budget to make catch-up payments.

Read more: https://www.omaha.com/news/education/primary-secondary/bill-would-open-door-for-state-of-nebraska-to-take/article_459721d7-0b4a-562c-bd30-4b145e037788.html