HB0172 • 2007

Public employee retirement-purchase of service credit.

AN ACT relating to public employee retirement; modifying calculation for purchase of service credit; removing limitation on purchase of service credit; and providing for an effective date.

Labor

Enacted

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

Sponsor: Representative Landon
Last action: 2007-02-15
Official status: enrolled
Effective date: 7/1/2007

Plain English Breakdown

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

Bill History

2007-02-15 LSO
Assigned Chapter Number - 41
2007-02-15 Governor
Governor Signed HEA0024
2007-02-13 Senate
S President Signed HEA No. 0024
2007-02-13 House
H Speaker Signed HEA No. 24
2007-02-12 LSO
Assigned Number HEA0024
2007-02-12 Senate
S Passed 3rd Reading
2007-02-09 Senate
S Passed 2nd Reading
2007-02-08 Senate
S Passed CoW
2007-02-06 Senate
S Placed on General File
2007-02-06 Senate
S02 Recommended Do Pass
2007-02-02 Senate
S Rereferred to S02
2007-01-31 Senate
S Introduced and Referred to S10
2007-01-29 Senate
S Received for Introduction
2007-01-29 House
H Passed 3rd Reading
2007-01-26 House
H Passed 2nd Reading
2007-01-25 House
H Passed CoW
2007-01-22 House
H Placed on General File
2007-01-22 House
H10 Recommended Do Pass
2007-01-15 House
H Introduced and Referred to H10
2007-01-11 House
H Received for Introduction
2007-01-10 LSO
Bill Number Assigned

Official Summary Text

2007 General Session Summary for HB0172

Bill No.:
HB0172
Drafter:

LGC

LSO No.:
07LSO-0519
Effective Date:

7/1/2007

Enrolled Act No.:
HEA0024

Chapter No.:
41

Prime Sponsor:
Representative
Landon

Catch Title:
Public employee retirement-purchase of
service credit.

Subject:
Public
employee retirement.

Summary/Major Elements:

Under current law a vested
member of the public employee retirement system may purchase up to five years
of service credit for prior service.

The act removes the
requirement of prior service.

The act sets the price for
service credit to be computed based on the individual's age and the benefit
structure of the plan.

Current Bill Text

Read the full stored bill text

WORKING DRAFT

ORIGINAL HOUSE

BILL

NO.
0172

ENROLLED ACT NO. 24, HOUSE OF REPRESENTATIVES

FIFTY-NINTH LEGISLATURE OF THE STATE OF
WYOMING
2007 GENERAL SESSION

AN ACT relating to
public employee retirement;
modifying calculation
for purchase of service credit
;
removing limitation on
purchase of
service
credit
;
and providing for an effective date.

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 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

the benefit structure of the app
r
opriate plan
.

Service credit purchased under this subsection shall 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.
Th
is act is effective July 1, 2007
.

(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