Section 303-3-003 - Materiality Amounts for Agency Transactions003.01 Employer Reporting No receivable or payable will be created if remittances from school employers for monthly contributions are within +/- $ 10.00 per report of the required amount. Schools will not be billed if the past due interest amount calculated on a monthly late remittance is less than $ 10.00.
003.02 Purchase of Service Payments from members or rollover payments for purchase of service or refunded service will be receipted as payment for contract completion if the payment is within +/-$10 per report of the amount due.
003.03 Recalculation of a Final Benefit 003.03(a) For Defined Benefit plans: the monthly retiree benefit payments that require recalculation will not be adjusted if the change in the monthly benefit amount is within+/- $ 10.00 per report of the original calculated final benefit.003.03(b) For State and County plans: The monthly defined contribution and cash balance retiree benefit payments that require recalculation will not be adjusted if the change in the monthly benefit amount is within +/- $ 10.00 of the original calculated final benefit.003.04 Make-up Contributions Agreements003.04(a) For Defined Benefit plans: In the case of a contribution error, if the calculation of the missed contribution for the employee and employer in total is $30 or less, no make-up will be required.003.04(b) For State and County plans: If the calculation of a missed contribution of employer and employee in total is $10 or less, no make-up will be required.003.05 Refund Buy-Back PurchaseIf the variance between the calculated refund amount (the amount before the applicable rate of interest is added on) and the member's actual refund distribution is within 0.5%, then the calculated amount will be accepted as valid.
003.06 Ineligible contributions If the combined total calculation of ineligible contributions for an employee and employer are less than $50 during a specific time period that is no more than two years in length, then no refund will be made.
303 Neb. Admin. Code, ch. 3, § 003