Public employee retirement plans benefit increases.
In one sentence
Not clearly identified in the stored source.
No additional limitations are listed.
Official record
SF0059 Bill No.: SF0059 Drafter: DKG LSO No.: 12LSO-0158 Effective Date: March 23, 2012 Enrolled Act No.: SEA0066 Chapter No.: CH0107 Prime Sponsor: Joint Appropriations Interim Committee Catch Title: Public employee retirement plans benefit increases. Summary/Major Elements: Currently, the Wyoming Retirement Board determines whether a cost-of-living adjustment is appropriate for retirees in various retirement plans. This act repeals the Board's authority to implement a cost-of-living adjustment for most plans. This act provides legislative findings which determine, among other things, that as currently constructed the Wyoming retirement plans were not intended and cannot support cost-of-living and other benefit increases. The findings also recite the current "actuarially funded ratio" and a "market value of assets funded ratio" for each Wyoming retirement plan. Provides a legislative determination that the Legislature and the Board should not consider a cost-of-living adjustment until the retirement plans have achieved a specified actuarially funded ratio of 100%. Provides for factors to consider in a "decision matrix" in addition to actuarially funded ratios (of 100% after implementation of the increase) in determining whether to provide cost-of-living and other increases. Requires that the Board provide to all members information on the Wyoming retirement plan to which they belong, including that nothing in Wyoming Statutes Title 9, Chapter 3, Article 4 shall be construed to acknowledge any past, present or future liability of or obligate the state of Wyoming for contribution except the employer's contributions provided for in that article, to either the Wyoming retirement system provided by that article or any other retirement system previously existing in the state of Wyoming. The Board retains the authority to implement cost-of-living increases for members in the paid firemen plan A [W.S. 15-5-201 through 15-5-209]. Comments: Requires JAC to study cost efficiencies of the implementation of cost-of-living adjustment through the current defined benefit plans, the implementation of a supplemental defined contribution plan as an alternative to cost-of-living increases and other types of pension plans. JAC shall develop legislation for introduction in the 2013 session as it determines appropriate based on the cost efficiencies study.
Public statements
Last checked Aug 7, 5:42 PM
Why they voted this way
The lawmaker supports the bill because it establishes a clear process and oversight mechanism, ensuring that any cost-of-living adjustments maintain actuarial soundness at 100% funding.
Why they voted this way
The lawmaker argues that a statutory requirement of 105 percent funding is insufficient to protect the retirement fund from market fluctuations and sets a bad precedent. They believe it would be better to require actuaries to determine the necessary protection level rather than fixing a specific percentage in law.
Why they voted this way
The lawmaker opposes the amendment because he believes adding another plan option risks destabilizing the current system, citing examples of other cities borrowing from retirement funds to pay benefits.
S03
Why they voted this way
The lawmaker supports the amendment because it offers potential solutions and provides hope for addressing issues raised regarding law enforcement retirees dying earlier than other groups.
S13
Why they voted this way
The lawmaker states that the bill lacks sufficient scrutiny through an actuarial study and should be voted down to allow for further analysis before reintroduction next year.
Why they voted this way
The lawmaker urges support for the bill because recent market losses and benefit changes have reduced the retirement fund's value to an alarming level, making it essential to ensure the accounts remain sound.
If a lawmaker is not listed, we couldn't find a published reason.
Wyoming roll calls
8 roll calls
Official activity
Changes
8 stored
Failed 2nd reading by ILLOWAY
Adopted 3rd reading by GINGERY
Failed 3rd reading by MCOMIE
Adopted Standing Committee by H02
Failed 3rd reading by HASTERT
Adopted, Corrected 3rd reading by ROTHFUSS
Failed Committee of the Whole by ROSS
Adopted Standing Committee by NICHOLAS,P