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Summary of differences between federal and state regulations
Employee benefits are generally covered under the federal jurisdiction of the Employee Retirement Income Security Act (ERISA).
Federal ERISA plans generally do not have to comply with state laws. ERISA rules preempt or block state laws that relate to ERISA plans. State insurance laws, however, do apply. Nebraska has laws governing private employee retirement benefits.
Nebraska laws include the following provisions:
- Plans that provide benefits upon or after retirement must be adopted by a two-thirds vote of the members of the board of directors present at the meeting, and filed with and approved by the Director of Insurance. §44-213.01
- Plans are prohibited to discriminate in favor of officers and supervisory or highly compensated personnel. §44-213.04
- Plans must be based upon sound actuarial principles, which will not impair the company's financial position or be prejudicial to the interest of the policyholders. §44-213.01
- Plans must contain stated maximum benefits found by the Director of Insurance to be fair and reasonable. §44-213.01
State
Contact
Nebraska Department of Insurance
Regulations
Nebraska Statutes
Chapter 44, §44-213, Employee, officer, trustee, or director of domestic company; salaries; length of contract; limitations; deferred payment of compensation; employee benefit plans.
Federal
Contact
Employee Benefits Security Administration (EBSA), Office of the Assistant Secretary
Regulations
29 CFR chapter XXV (Parts 2509 – 2590)