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HB0099 • 2006

Firemen's retirement system-adjustment.

AN ACT relating to the firemen's pension account; amending the adjustment factor for firemen's pension benefits as specified; and providing for an effective date.

Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor
Representative Landon
Last action
2006-03-15
Official status
enrolled
Effective date
7/1/2006

Plain English Breakdown

The plain English breakdown is still being put together. The official documents below are already here.

Bill History

  1. 2006-03-15 LSO

    Assigned Chapter Number - 50

  2. 2006-03-15 Governor

    Governor Signed HEA No. 0032

  3. 2006-03-10 Senate

    S President Signed HEA No. 0032

  4. 2006-03-10 House

    H Speaker Signed HEA No. 0032

  5. 2006-03-09 LSO

    Assigned Number HEA0032

  6. 2006-03-09 Senate

    S Passed 3rd Reading

  7. 2006-03-08 Senate

    S Passed 2nd Reading

  8. 2006-03-07 Senate

    S Passed CoW

  9. 2006-03-01 Senate

    S Placed on General File

  10. 2006-03-01 Senate

    S02 Recommended Do Pass

  11. 2006-02-27 Senate

    S Introduced and Referred to S02

  12. 2006-02-24 Senate

    S Received for Introduction

  13. 2006-02-24 House

    H Passed 3rd Reading

  14. 2006-02-23 House

    H Passed 2nd Reading

  15. 2006-02-22 House

    H Passed CoW

  16. 2006-02-22 House

    H Placed on General File

  17. 2006-02-22 House

    H02 Recommended Do Pass

  18. 2006-02-16 House

    H Introduced and Referred to H02

  19. 2006-02-13 House

    H Received for Introduction

  20. 2006-02-02 LSO

    Bill Number Assigned

Official Summary Text

HB0099 Bill Summary

Bill
No.:
HB0099

Drafter:

JHR

LSO
No.:

06LSO-0372

Effective Date:

7/1/2006

Enrolled
Act No.:

HEA0032

Chapter
No.:

50

Prime
Sponsor:

Representative Landon

Catch
Title:

Firemen's retirement system-adjustment.

Subject:

Amends the adjustment factor for
determining firemen's pension benefits.

Summary/Major
Elements:

Under current law, firemen's pension benefits are adjusted in accordance
with changes in the consumer price index, but not below the original pension
amount nor more than 5% per year, uncompounded.

This bill amends the adjustment factor in accordance with changes in the
Wyoming cost of living index as determined by the Division of Economic
Analysis, Department of Administration and Information, as determined by the
Retirement Board to be actuarially sound, but shall not exceed 3% in any one
year.

Any percentage adjustment that
exceeds 3% shall be accumulated and added to future years' percentage increases
in the cost of living.

Current Bill Text

Read the full stored bill text 
WORKING DRAFT

ORIGINAL HOUSE

BILL

NO.
0099

ENROLLED ACT NO. 32, HOUSE OF REPRESENTATIVES

FIFTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
2006 BUDGET SESSION

AN ACT relating to the firemen's pension account; amending the adjustment factor for firemen's pension benefits as specified; and providing for an effective date.

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

Section 1.

W.S. 15
‑
5
‑
416 is amended to read:

15
‑
5
‑
416.

Adjustment of benefits.

(a)

A pension payable under this article shall be adjusted beginning in the year the retired member attains age fifty (50), or in the case of disability and survivor's pensions, beginning in the year next following twelve (12) months of payments, in accordance with changes in the
consumer price index, but not below the original pension amount nor above the original pension amount increased by five percent (5%) per year, uncompounded
Wyoming cost of living index
.
The benefits existing for each eligible individual may be increased by an amount not to exceed the greater of the percentage increase in the cost of living as determined by the board or a percentage adjustment to a level the system's actuary determines to be actuarially sound pursuant to subsection (b) of this section. The total benefit adjustment under this section shall not exceed three percent (3%) in any one (1) year.

(b)

An increase in benefits under this
subsection
section
is effective only upon a determination that the increase is actuarially sound.
The percentage increase in the cost of living for a calendar year is equal to the annual percentage increase in the cost of living as of the immediately preceding July 1 as shown by the Wyoming cost-of-living index as determined by the division of economic analysis of the department of administration and information. The amount of any percentage increase in the cost of living which exceeds the maximum percentage adjustment under subsection (a) of this section shall be accumulated and added to future years' percentage increases in the cost of living.
The board may for any increase under this
subsection
section
for any year and in accordance with W.S. 9
‑
3
‑
419(b)(v), reduce the percentage adjustment to a level the system's actuary determines renders the system actuarially sound. Actuarial determinations pursuant to this
subsection
section
shall be reported annually to the governor and the joint appropriations interim committee.

Section 2.

This act is effective July 1, 2006.

(END)

Speaker of the House

President of the Senate

Governor

TIME APPROVED: _________

DATE APPROVED: _________

I hereby certify that this act originated in the House.

Chief Clerk

1