SF0091 • 2006

Retirement-service purchase credit.

AN ACT relating to the Wyoming Retirement Act; amending provisions relating to the purchase of service credit for members; establishing eligibility requirements; specifying benefits for purchases made prior to enactment; and providing for an effective date.

Enacted

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

Sponsor: Senator Job
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

2006-03-15 LSO
Assigned Chapter Number - 60
2006-03-15 Governor
Governor Signed SEA No. 0047
2006-03-10 House
H Speaker Signed SEA No. 0047
2006-03-10 Senate
S President Signed SEA No. 0047
2006-03-09 LSO
Assigned Number SEA0047
2006-03-09 House
H Passed 3rd Reading
2006-03-08 House
H Passed 2nd Reading
2006-03-07 House
H Passed CoW
2006-03-01 House
H Placed on General File
2006-03-01 House
H02 Recommended Do Pass
2006-02-28 House
H Introduced and Referred to H02
2006-02-27 House
H Received for Introduction
2006-02-27 Senate
S Passed 3rd Reading
2006-02-24 Senate
S Passed 2nd Reading
2006-02-23 Senate
S Passed CoW
2006-02-21 Senate
S Placed on General File
2006-02-21 Senate
S07 Recommended Do Pass
2006-02-15 Senate
S Introduced and Referred to S07
2006-02-14 Senate
S Received for Introduction
2006-02-13 LSO
Bill Number Assigned

Official Summary Text

SF0091 Bill Summary

Bill
No.:
SF0091

Drafter:

KMS

LSO
No.:

06LSO-0402

Effective Date:

7/1/2006

Enrolled
Act No.:

SEA0047

Chapter
No.:

60

Prime
Sponsor:

Senator Job

Catch
Title:

Retirement-service purchase credit.

Subject:

Amends
the purchase of service of credit for members of the Wyoming Retirement system
under W.S. 9-3-415.

Summary/Major
Elements:

Allows for a vested member to elect to make a one-time purchase of up to
five (5) years of service credit for any prior service eligible under the
federal insurance contribution act or in the case of law enforcement or paid
firemen any eligible service as established in rules promulgated by the board.

All purchases made under W.S. 9-3-415(d) prior to the effective date
shall provide the benefit available at the time of purchase.

Any purchase made prior to the effective
date may be credited toward a purchase under this act subject to rules enacted
by the board.

Current Bill Text

Read the full stored bill text

WORKING DRAFT

ORIGINAL SENATE

FILE

NO.
0091

ENROLLED ACT NO. 47, SENATE

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

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

Section 1.

W.S. 9
‑
3
‑
415(d) is amended to read:

9
‑
3
‑
415.

When retirement permitted; service credit.

(d)

Any
vested
member may elect to
make a one-time
purchase
of
up to five (5) years of service credit for
full
‑
time employment performed for another state or political subdivision of another state, the federal government or in Wyoming for a public entity for which retirement coverage was not available
any prior service eligible under the federal insurance contribution act or in the case of law enforcement or paid firemen any eligible service as established in rules promulgated by the board
. Any member electing to purchase service credit 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. Service credit purchased under this subsection shall
not be used to determine vested eligibility to receive benefits under this article
qualify as service credit defined in W.S. 9
‑
3
‑
402(a)(xxi), 9
‑
3
‑
602(a)(iii), 9
‑
3
‑
702(a)(iii) and 15
‑
5
‑
402(a)(iv)
.

Section 2.

(a)

Notwithstanding section 1 of this act, all purchases made under W.S. 9
‑
3
‑
415(d) prior to the effective date of this act shall provide the benefit available at the time of purchase. Any purchase made prior to the effective date of this act may be credited toward a purchase under this act subject to rules enacted by the board and the payment of all funds equal to the actuarial equivalent of the increased benefits provided under this act.

Section 3.

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 Senate.

Chief Clerk