State employee retirement-purchase option.

WORKING DRAFT
2005
STATE OF WYOMING
05LSO-0014

HOUSE BILL
NO.
HB0138

State employee retirement-purchase option.

Sponsored by:
Representative(s) Hinckley, Illoway and Petersen and Senator(s) Massie and Ross

A BILL

for

AN ACT relating to the Wyoming retirement system; authorizing specified employees to purchase up to three months credit to qualify for normal retirement benefits; and providing for an effective date.

Be It Enacted by the Legislature of the State of Wyoming:

Section 1.
W.S. 9
‑
3
‑
415 by creating a new subsection (k) is amended to read:

9
‑
3
‑
415.

When retirement permitted; service credit.

(k)

Any member may elect to purchase the equivalent of up to three (3) months of service credit for full-time employment if the purchase of the service credit is necessary to qualify the member for normal retirement benefits under paragraph (a)(ii) of this section. Any member electing to purchase service credit under this subsection shall pay into the account a single lump-sum amount equal to the actuarial equivalent of the benefits to be derived from the service credit computed on the basis of actuarial assumptions approved by the board and the individual's attained age and average salary for the highest three (3) continuous years of covered service.

Section 2.
This act is effective July 1, 2005.

(END)

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HB0138