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SF0120 • 2007

Retirement system-rehired retirees.

AN ACT relating to the Wyoming retirement system; modifying participation of rehired retirees under the system; specifying employer contributions; and providing for an effective date.

Labor
Enacted

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

Sponsor
Senator Job
Last action
2007-02-21
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

  1. 2007-02-21 LSO

    Assigned Chapter Number - 78

  2. 2007-02-21 Governor

    Governor Signed SEA0026

  3. 2007-02-20 House

    H Speaker Signed SEA No. 26

  4. 2007-02-13 Senate

    S President Signed SEA No. 0026

  5. 2007-02-13 LSO

    Assigned Number SEA0026

  6. 2007-02-13 House

    H Passed 3rd Reading

  7. 2007-02-12 House

    H Passed 2nd Reading

  8. 2007-02-09 House

    H Passed CoW

  9. 2007-02-07 House

    H Placed on General File

  10. 2007-02-07 House

    H02 Recommended Do Pass

  11. 2007-02-05 House

    H Introduced and Referred to H02

  12. 2007-01-25 House

    H Received for Introduction

  13. 2007-01-25 Senate

    S Passed 3rd Reading

  14. 2007-01-24 Senate

    S Passed 2nd Reading

  15. 2007-01-23 Senate

    S Passed CoW

  16. 2007-01-22 Senate

    S Placed on General File

  17. 2007-01-22 Senate

    S02 Recommended Do Pass

  18. 2007-01-16 Senate

    S Introduced and Referred to S02

  19. 2007-01-15 Senate

    S Received for Introduction

  20. 2007-01-12 LSO

    Bill Number Assigned

Official Summary Text

2007 General Session Summary for SF0120

Bill No.:
SF0120
Drafter:

DRN

LSO No.:
07LSO-0450
Effective Date:

7/1/2007

Enrolled Act No.:
SEA0026

Chapter No.:
78

Prime Sponsor:
Senator
Job

Catch Title:
Retirement
system-rehired retirees.

Subject:
Wyoming retirement system participation by retirees which return to covered employment.

Summary/Major Elements:

Authorizes retirees to return
to covered employment following a break in employment of at least thirty days;

Upon re-employment, the
rehired retiree either discontinues receipt of benefits and contributes to the
system or continues receiving benefits and is not reinstated;

Prior law required
re-employment within six (6) months from the date of payment of the first
monthly retirement benefit to cancel retirement and be reinstated as a contributing
member unless re-employed for part-time work or on a temporary basis;

The employer is required to
pay both the employers' and employees' retirement contributions on behalf of a
rehired retiree.

Current Bill Text

Read the full stored bill text 
WORKING DRAFT

ORIGINAL SENATE

FILE

NO.
0120

ENROLLED ACT NO. 26, SENATE

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

AN ACT relating to the Wyoming retirement system; modifying participation of rehired retirees under the system; specifying employer contributions; and providing for an effective date.

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

Section 1.

W.S. 9
‑
3
‑
415(g)(intro), (h)(intro) and (j) is amended to read:

9
‑
3
‑
415.

When retirement permitted; service credit.

(g)

Subject to subsection (h) of this section and in accordance with rule and regulation of the board protecting the actuarial integrity of the system and its status as a federally qualified plan, any retired member rehired
after a break in service of not less than thirty (30) days
by a participating employer in any capacity including, but not limited to, as a contract employee or as an employee of a third party contractor under an agreement with a participating employer, shall notify the board in writing of his election to:

(h)

Except as otherwise provided in this subsection,
I
f a retired member is rehired by a participating employer in any capacity including, but not limited to, as a contract employee or as an employee of a third party contractor under an agreement with a participating employer,
within six (6) months from the date of payment of the first monthly retirement benefit under the system following retirement, the member shall immediately notify the board and request his benefit payment be cancelled and that he be reinstated as a contributing member. If within this six (6) month period and following a break in service of at least thirty (30) days, a retired member may continue to receive a retirement benefit in accordance with paragraph (g)(ii) of this section if he is:
and the retiree is rehired following a break in service of not less than thirty (30) days, the employer shall pay into the account an amount equal to both the members' and employer's contributions required by law under the Wyoming retirement system based upon the retiree's salary. Service by the retiree under this subsection shall not increase retirement benefits under the Wyoming retirement system.

(j)

If any retired member
or employer
violates subsection (h) of this section, the board shall immediately cancel
his
the retiree's
retirement benefit and shall reinstate that member as a contributing member.

Section 2.

W.S. 9
‑
3
‑
415(h)(i) and (ii) is repealed.

Section 3.

This 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 Senate.

Chief Clerk

1