SF0049

Official summary

Bill Summary - 24LSO-0163 Bill No.: SF0049 Effective: 7/1/2024 LSO No.: 24LSO-0163 Enrolled Act No.: SEA No. 0013 Chapter No.: 46 Prime Sponsor: Joint Appropriations Committee Catch Title: Judicial retirement program-contributions. Has Report: No Subject: Increasing the employer and employee contributions for the judicial retirement plan. Summary/Major Elements: This act increases the employee contributions that are required for employees who are covered under the Wyoming Judicial Retirement Act. Beginning July 1, 2024, employees must pay eleven and forty-seven one-hundredths percent (11.47%) of their salary as the employee contribution, an increase of two and twenty-five one-hundredths percent (2.25%). The act amends a provision of current law that allows the employer to pay the employees' contribution to increase the salary percentage that the employer may pay on behalf of the employee contribution. The percentage is increased in this act from five and fifty-seven hundredths percent (5.57%) to seven and forty-seven hundredths percent (7.47%). Assuming that the employer covers this increased percentage, the net employee contribution increase as a result of this act is thirty-five hundredths percent (0.35%) of salary. The act appropriates funds to the Wyoming Supreme Court for purposes of paying the appropriate share of the increase in employee contribution rates for employees covered under the Wyoming Judicial Retirement Act. The above summary is not an official publication of the Wyoming Legislature and is not an official statement of legislative intent. While the Legislative Service Office endeavored to provide accurate information in this summary, it should not be relied upon as a comprehensive abstract of the bill.