72-1239.01. Council; duties and responsibilities.
(1)(a) The appointed members of the council shall have the responsibility for the investment management of the assets of the retirement systems administered by the Public Employees Retirement Board as provided in section 84-1503, the assets of the Nebraska educational savings plan trust created pursuant to sections 85-1801 to 85-1817, the assets of the achieving a better life experience program pursuant to sections 77-1401 to 77-1409, and beginning January 1, 2017, the assets of each retirement system provided for under the Class V School Employees Retirement Act. Except as provided in subsection (4) of this section, the appointed members shall be deemed fiduciaries with respect to the investment of the assets of the retirement systems, of the Nebraska educational savings plan trust, and of the achieving a better life experience program and shall be held to the standard of conduct of a fiduciary specified in subsection (3) of this section. The nonvoting, ex officio members of the council shall not be deemed fiduciaries.
(b) As fiduciaries, the appointed members of the council and the state investment officer shall discharge their duties with respect to the assets of the retirement systems, of the Nebraska educational savings plan trust, and of the achieving a better life experience program solely in the interests of the members and beneficiaries of the retirement systems or the interests of the participants and beneficiaries of the Nebraska educational savings plan trust and the achieving a better life experience program, as the case may be, for the exclusive purposes of providing benefits to members, members' beneficiaries, participants, and participants' beneficiaries and defraying reasonable expenses incurred within the limitations and according to the powers, duties, and purposes prescribed by law.
(2)(a) The appointed members of the council shall have the responsibility for the investment management of the assets of state funds. The appointed members shall be deemed fiduciaries with respect to the investment of the assets of state funds and shall be held to the standard of conduct of a fiduciary specified in subsection (3) of this section. The nonvoting, ex officio members of the council shall not be deemed fiduciaries.
(b) As fiduciaries, the appointed members of the council and the state investment officer shall discharge their duties with respect to the assets of state funds solely in the interests of the citizens of the state within the limitations and according to the powers, duties, and purposes prescribed by law.
(3) The appointed members of the council shall act with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims by diversifying the investments of the assets of the retirement systems, the Nebraska educational savings plan trust, the achieving a better life experience program, and state funds so as to minimize risk of large losses, unless in light of such circumstances it is clearly prudent not to do so. No assets of the retirement systems, the Nebraska educational savings plan trust, or the achieving a better life experience program shall be invested or reinvested if the sole or primary investment objective is for economic development or social purposes or objectives.
(4) Neither the appointed members of the council nor the state investment officer shall be deemed fiduciaries with respect to investments of the assets of a retirement system provided for under the Class V School Employees Retirement Act made by or on behalf of the board of education as defined in section 79-978 or the board of trustees provided for in section 79-980. Neither the council nor any member thereof nor the state investment officer shall be liable for the action or inaction of the board of education or the board of trustees with respect to the investment of the assets of a retirement system provided for under the Class V School Employees Retirement Act, the consequences of any such action or inaction of the board of education or the board of trustees, and any claims, suits, losses, damages, fees, and costs related to such action or inaction or consequences thereof.
Source
Cross References
Structure Nebraska Revised Statutes
Chapter 72 - Public Lands, Buildings, and Funds
72-101 - Sale or lease; how validated.
72-102 - Public land; confirmed to the state; where recorded.
72-103 - Public land; confirmation; record; fee.
72-104 - Public land; record of confirmation; receipt as evidence.
72-105 - Shelterbelts; cooperation with federal government.
72-106 - Shelterbelts; agreements; contents; recording.
72-107 - Shelterbelts; no expenditures authorized.
72-108 - Conveyances of real estate; custody after recording; exception.
72-201.03 - Board of Educational Lands and Funds; branch office; establish.
72-202 - School funds; investments.
72-203 - School lands; abstracts and records; where kept.
72-204 - School lands; classification required; report.
72-205 - School lands; changes in valuation; rental schedule; factors.
72-205.01 - Rental schedules; semiannual rental; file in office of county treasurer; notice.
72-205.02 - Rental schedules; when effective; petition; hearing.
72-205.03 - Rental schedule; objections; petition; hearing; notice; examiner; evidence.
72-205.04 - Rental schedule; hearing; examiner; record; board; powers.
72-208 - School lands; sale; deed; recording; received in evidence.
72-212 - School lands; sale; public auction required.
72-213 - School lands; eminent domain proceedings.
72-214 - School lands; acquisition by school district.
72-215 - School lands; acquisition by city or village; when authorized; limitations.
72-216 - School lands; acquisition for airfields and monitor stations.
72-217 - School land within defense project; purchase by United States.
72-218 - School lands; acquisition by United States for water conservation.
72-219 - School lands; acquisition by county for public purposes.
72-220 - School lands; acquisition for cemetery purposes.
72-221 - School lands; acquisition for public highway.
72-222 - School lands; acquisition by public districts; purposes.
72-222.01 - School lands; acquisition by certain companies; purposes.
72-222.02 - School lands; easement; acquisition by public districts; procedure.
72-224 - Condemnation proceedings; procedure.
72-224.02 - Condemnation proceedings; lease; valuation; adjustment; payment.
72-224.03 - Condemnation proceedings; procedure; board; membership; appeal; award; filing; effect.
72-225 - Condemnation proceedings; land under lease contract; interest of owner; value assessed.
72-226 - Condemnation proceedings; damage to state-owned land; assessment.
72-227 - State-owned land occupied by school, church, or cemetery; sale; procedure.
72-228 - State-owned land occupied by school, church, or cemetery; sale; terms.
72-229 - School lands; sale; county clerk; entry upon tax list.
72-230 - School and saline lands; sale; when subject to taxation.
72-231 - School lands; illegal tax; refund.
72-232 - School lands; rules and regulations; soil conservation program.
72-232.02 - School lands; administration costs; payment; cash fund.
72-232.03 - School lands; irrigable; administration costs.
72-232.04 - School lands; irrigable; development.
72-232.06 - School lands; irrigable; lease; cost of tolls and assessments; collection.
72-233 - School lands; application for lease; manner of leasing; bidding; conditions of lease.
72-234 - School lands; lease; terms; period of lease.
72-234.02 - School lands; lease; assignments; requirements.
72-235 - School lands; lease; default; notice; forfeiture.
72-235.01 - School lands; forfeited leases; improvements, how treated.
72-236 - School lands; lease; notice of delinquency; how given.
72-237 - School lands; lease; forfeiture; redemption; when allowed.
72-238 - School lands; lease; forfeiture; movable improvements; sale; proceeds; disposition.
72-239 - School lands; lease; default; extensions; when granted; conditions; lien.
72-240.02 - School lands; new leases; board; powers.
72-240.03 - School lands; leases; reclassification when; rental.
72-240.04 - School lands; leases; expiration.
72-240.05 - School lands; leases; rental; complaints.
72-240.08 - School lands; control of noxious weeds; cost.
72-240.09 - School lands; control of noxious weeds; contract authorized.
72-240.12 - Permitted improvements and growing crops of lessee; appraisal; agreement as to value.
72-240.15 - Permitted improvements and growing crops of lessee; appraisers; qualified; oath.
72-240.19 - Permitted improvements and growing crops of lessee; appraisers; valuation; appeal.
72-240.20 - Permitted improvements and growing crops of lessee; appraisers; fee.
72-240.25 - School lands; lessee; relinquish interest; notice.
72-241 - School lands; leases; assignments; validity; recording.
72-242 - School lands; publication of notice; fees.
72-244 - School lands; adjoining cities or villages; subdivisions; leasing; amount; procedure.
72-245 - School lands; waste or trespass; penalty.
72-246 - School lands; leases; covenant required.
72-247 - School lands; waste or trespass; violations; submission to grand jury.
72-248 - School lands; timber; sale; public auction.
72-249 - Federal funds; receipt; deposit; how allocated.
72-250 - Permanent school fund; sale of public lands; credit to state.
72-251 - Permanent school fund; collections on judgments; payable to fund.
72-253 - School lands; exchange for federal or other lands; board; powers and duties.
72-254 - School and federal lands; exchange; lease; renewal; removal of improvements.
72-255 - School and federal lands; exchange; lessee's interest; release; condemnation; procedure.
72-256 - School and federal lands; exchange; minimum appraised value.
72-257.01 - School lands; priorities for sale; request to sell.
72-258 - School lands; sale; notice; terms; partition; settlement; forfeiture of deposit; when.
72-258.01 - School lands; unsold; lease; duration.
72-258.03 - School lands; sale; appraised value.
72-259 - School lands; sale; proceeds; disposition.
72-259.03 - School lands; adjacent to city of the first or second class; annexation; vote.
72-259.07 - School lands; adjacent to city of the first or second class; sale; taxes; when.
72-259.08 - School lands; subdivide; plat; filing; dedication of streets and alleys.
72-261 - School lands; acquisition by Game and Parks Commission; procedure; approval by Governor.
72-262 - Resurvey of school lands; Grant and Hooker Counties; acceptance.
72-263 - Resurvey of school lands; Morrill County; acceptance.
72-266 - Board of Educational Lands and Funds; authority to sell personal property.
72-267 - School lands; Cherry County; designation; subdivision; improvements; sale.
72-268 - School lands; Cherry County; funds; deposit; transfer.
72-269 - School lands; Dawes County; transfer to Game and Parks Commission.
72-270 - Production of wind or solar energy; agreements; sections applicable.
72-271 - Production of wind or solar energy; agreements; terms, defined.
72-272 - Production of wind energy or solar energy; agreements; board; powers.
72-274 - Wind energy or solar energy agreement; rules and regulations.
72-301 - State lands, lakes, and rivers; mineral rights; reserved to state; exception.
72-302 - Mineral rights; who may acquire.
72-303 - Mineral rights; lease; limitations; term.
72-304 - Mineral rights; development operations; reports; when.
72-305 - Mineral rights; lease; forfeiture; grounds.
72-306 - Minerals; discovery; report required; delay in development; powers of board.
72-307 - Mineral rights; lease; renewal; when authorized; terms.
72-308 - Mineral rights; lease; terms; rights and duties of lessee.
72-309 - Mineral rights; lease; bids; award; how made.
72-310 - Mineral rights; lease; entry by state; when authorized.
72-311 - Mineral rights; lease; assignment; unauthorized transfers.
72-314 - Rules; power of Board of Educational Lands and Funds.
72-407 - Federal forts; preservation, restoration and development board; membership.
72-408 - Preservation, restoration and development board; trustees; term; qualifications.
72-409 - Board; minute book; vacancies; how filled.
72-410 - Board; office; records; organization; officers; meetings.
72-411 - Board; trustees; oath.
72-412 - Boards; powers and duties.
72-413 - Forts; federal aid; acceptance.
72-414 - Board; employees; compensation.
72-415 - Board; secretary; duties.
72-416 - Board; treasurer; bond.
72-417 - Board; records; audits.
72-418 - Board; legal counsel.
72-419 - Board; expenses; payment.
72-420 - Board; bond; fund; created; disbursements; how made.
72-502 - Rental; accrues to temporary school fund.
72-502.01 - Rentals; previous use validated.
72-503 - Lease; default; forfeiture; effect.
72-504 - Lease; terms; appraisal; when.
72-607 - National monuments; concurrent jurisdiction with United States; when effective.
72-701 - State capital; location.
72-701.01 - Nebraska Emergency Seat of State Government Act; act, how cited.
72-701.03 - Emergency seat of state government; temporary location; designation.
72-701.04 - Emergency seat of government; temporary location; validity of official acts.
72-701.06 - Sections, how construed; precedence over other laws.
72-701.08 - Transferred to section 81-1108.22.
72-703 - Department of Correctional Services adult correctional facility; location.
72-706 - Transferred to section 81-1108.17.
72-706.01 - Transferred to section 81-1108.18.
72-707 - Transferred to section 81-1118.02.
72-708 - Transferred to section 81-1108.19.
72-709 - Transferred to section 81-1108.20.
72-709.02 - Transferred to section 81-1108.23.
72-710 - Transferred to section 81-1108.26.
72-710.01 - Transferred to section 81-1108.27.
72-710.02 - Transferred to section 81-1108.28.
72-710.03 - Transferred to section 81-1108.29.
72-711 - Transferred to section 81-1108.30.
72-712 - Transferred to section 81-1108.31.
72-716 - Transferred to section 81-1108.32.
72-716.01 - Transferred to section 81-1108.33.
72-716.02 - Transferred to section 81-1108.34.
72-716.03 - Transferred to section 81-1108.35.
72-716.04 - Transferred to section 81-1108.37.
72-718 - Transferred to section 81-1108.38.
72-718.07 - Transferred to section 81-1108.40.
72-724 - Nebraska Hall of Fame Commission; created; members; appointment; administration.
72-725 - Nebraska Hall of Fame; location.
72-726 - Nebraska Hall of Fame; purpose.
72-727 - Rules and regulations.
72-729 - Nebraska Hall of Fame Commission; powers.
72-729.01 - Hall of Fame Trust Fund; created; use; investment.
72-730 - State Capitol Restoration Fund; created; investment.
72-801 - Public buildings; cost; limitation; use; change prohibited.
72-804 - New state building; code requirements.
72-805 - Buildings constructed with state funds; code requirements.
72-808 - Historic structure; legislative findings.
72-809 - Historic structure; defined.
72-810 - Historic structure; alterations; requirements.
72-811 - Vacant buildings and excess land; terms, defined.
72-812 - Vacant Building and Excess Land Committee; created; members.
72-816 - Vacant Building and Excess Land Cash Fund; created; use; investment; restrictions.
72-817 - Applicability of sections.
72-901 - School lands; oil and gas leases; Board of Educational Lands and Funds; powers and duties.
72-902 - Leases; terms and conditions; bids, when taken.
72-903 - Leases; reservation of royalty to lessor; monthly accounting.
72-904 - Lessees; bond required.
72-905 - Leases; forfeiture; notice to lessee; hearing; filing of order.
72-906 - Lease; application; form; contents.
72-907 - Lease; sale; public auction required; notice; publication costs; payment.
72-908 - Exploration, development, and operation for oil and gas production; agreements authorized.
72-909 - Leases; reservation of use of lands for agricultural purposes; conditions.
72-910 - Rules and regulations; authority of board.
72-911 - Amended lease; exchange authorized; terms and conditions.
72-912 - Leases; assignment; conditions of approval.
72-1001 - Nebraska Capital Construction Fund; created; use; investment.
72-1119 - Transferred to section 81-5,148.
72-1120 - Transferred to section 81-5,149.
72-1121 - Transferred to section 81-5,150.
72-1122 - Transferred to section 81-5,147.
72-1237 - Nebraska Investment Council; created; members; appointment; term; vacancy; immunity.
72-1238 - Nebraska Investment Council; members; qualifications.
72-1239 - Nebraska Investment Council; purpose; members; meetings; compensation; expenses.
72-1239.01 - Council; duties and responsibilities.
72-1240 - State investment officer; appointment; qualifications; salary; removal.
72-1241 - State investment officer; deputy; duties; bond or insurance.
72-1246 - State investment officer; investments; duties.
72-1246.01 - Student loans; purchase.
72-1246.02 - Student loans; sale; resale; conditions.
72-1246.03 - Student loans; Nebraska State Colleges; service loans; security.
72-1246.04 - Student loans; purchasing, selling, servicing; approval.
72-1248 - Income from investments; disbursement.
72-1249 - Expenses; costs; how paid.
72-1251 - State Treasurer; interest, premium, income, and principal; collect.
72-1252 - State investment officer; earned income; notice.
72-1254 - State investment officer; operations; report; contents; public inspection.
72-1255 - Investment transactions; Auditor of Public Accounts; postaudits; report.
72-1257 - Default; proceedings.
72-1259 - State investment officer; political subdivisions; assistance; fee.
72-1261 - Declaration of intent.
72-1263 - State investment officer; time deposit open account; conditions.
72-1264 - Funds; when offered; time deposit open account; state investment officer; powers.
72-1265 - State investment officer; deposits; fix interest rate and term; legislative intent.
72-1266 - Nebraska Investment Council; adopt rules and regulations.
72-1267 - State investment officer; combine and pool investable funds; when; prorate interest.
72-1268 - Depositories; eligibility for funds; bond or bond alternatives.
72-1268.01 - Funds deposited; bond; requirements.
72-1268.03 - State investment officer; limitation on deposits.
72-1268.04 - Depository; bond alternatives; requirements.
72-1277 - Legislative findings.
72-1278 - Nebraska Investment Council; comprehensive review of council; contract.
72-1301 - Farm land, defined; nonfarm land; designation.
72-1303 - Capital improvements; prohibited; exceptions.
72-1304 - Lease; cash rent; term; rules and regulations; cancellation of lease.
72-1305 - Application for lease; affidavit; contents; deposit for rental; sealed bids; when.
72-1306 - Virgin prairie; legislative findings.
72-1307 - Virgin prairie; preservation; sale; conditions.
72-1308 - Virgin prairie; sale; when allowed.
72-1401 - Purpose of sections.
72-1402 - Municipality, defined.
72-1403 - Municipality; powers; bonds; liability; agreements; limitations; sections, how construed.
72-1404 - Municipality; state; agreement; Governor; approval.
72-1405 - Municipality; state; agreement; contents.
72-1407 - Actions by state; liability; sections, how construed.
72-1408 - Municipality; state; joint facility; agreement authorized.
72-1409 - State of Nebraska; power to lease or sublease.
72-1410 - Municipality; state; agreement; provisions.
72-1411 - Municipality; power to lease.
72-1412 - Political subdivision; power to lease; with whom; when.
72-1502 - Delinquent accounts; how collected.
72-1503 - Delinquent accounts; agency notify director; withholding of state aid payment; procedure.
72-1703 - Business incubation centers; designation.
72-1705 - Community board; duties; petition for designation of business incubation center.
72-1707 - Designation of business incubation center; duration; termination.
72-1708 - Small businesses; location within business incubation center; application.
72-1710 - Community board; report; contents.
72-1711 - Tenant of business incubation center; duties; extension; when authorized.
72-1712 - Tenant of business incubation center; benefits; services.
72-1901 - Legislative findings.
72-1902 - Nebraska Tree Recovery Program; legislative intent; administration; rules and regulations.
72-1903 - Grants; eligible applicants.
72-1904 - Grants; application; considerations.
72-2005 - Legislative findings.
72-2006 - Niobrara scenic river corridor, defined.
72-2007 - Niobrara Council; created; members; terms; meetings; expenses.
72-2008 - Niobrara Council; powers and duties; report.
72-2009 - Niobrara Council Fund; created; use; investment.
72-2010 - Niobrara Council; zoning duties.
72-2011 - Activities within corridor; limitations.
72-2012 - Niobrara Council; zoning jurisdiction.
72-2101 - Governor's Residence Advisory Commission; created; duties.
72-2102 - Governor's Residence Advisory Commission; members.
72-2103 - Commission members; expenses.
72-2104 - Commission members; terms; vacancies.
72-2105 - Commission; meetings; quorum.
72-2205 - Administrator; powers and duties.
72-2205.01 - Administrator; additional services; authorized.
72-2206 - Administrator; qualifications.
72-2207 - Administrator; bond or insurance.
72-2208 - State Building Administrator; transfer of personnel and property.
72-2209 - Administrator; personnel; materiel; duties.
72-2210 - Office; facilities planning, construction, and administration; powers and duties.
72-2211 - Capitol Restoration Cash Fund; created; use; investment.
72-2211.01 - Capitol Commission Revolving Fund; created; use; investment.
72-2212 - Motor vehicle parking; rules and regulations; enforcement.
72-2213 - Office space; determination of use; maintenance of building.
72-2214 - Administrator; policies and guidelines; required.
72-2215 - Flags of Indian tribes; display in State Capitol; powers and duties.
72-2304 - Bonds authorized; public hearing; notice; election, when required; remonstrance petition.
72-2306 - Information technology for libraries; bonds; amount authorized.
72-2308 - Act; how construed; bonds; applicability of other provisions.
72-2309 - Bonds; election; notice.
72-2310 - Qualified public agencies; statement; contents; certified under oath.