303 Neb. Admin. Code, ch. 3, § 002 - Purpose

002.01 The following risks or inefficiencies could occur if a materiality policy is not established:

(1) the cost plan members incur for staff time, data processing, materials, postage, etc. in processing transactions that may be more than the value of the transaction itself;

(2) data processing cannot be timely or efficient if tolerance levels are not available for some editing and processing functions; and,

(3) the Agency could be subject to public criticism if such transactions amounts proposed to be reversed or refunded are immaterial

002.02 The Public Employees Retirement Board has a fiduciary obligation to the plan members to spend members' funds wisely and efficiently. The need for materiality amounts within the Agency is apparent due to tolerance levels set within the Agency's computer system for various edits, parameters, etc.

Notes

303 Neb. Admin. Code, ch. 3, § 002