SF0084 • 2008

Firemen's pension account-amendments.

AN ACT relating to the firemen's pension account; modifying pension amounts and member contributions; 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: 2008-03-13
Official status: enrolled
Effective date: 7/1/2008

Plain English Breakdown

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

Bill History

2008-03-13 LSO
Assigned Chapter Number - 112
2008-03-13 Governor
Governor Signed SEA0038
2008-03-06 House
H Speaker Signed SEA No. 0038
2008-03-05 Senate
S President Signed SEA No. 0038
2008-03-05 LSO
Assigned Number SEA0038
2008-03-05 House
H Passed 3rd Reading
2008-03-04 House
H Passed 2nd Reading
2008-03-03 House
H Passed CoW
2008-02-29 House
H Placed on General File
2008-02-29 House
H08 Recommended Do Pass
2008-02-25 House
H Introduced and Referred to H08
2008-02-25 House
H Received for Introduction
2008-02-25 Senate
S Passed 3rd Reading
2008-02-22 Senate
S Passed 2nd Reading
2008-02-21 Senate
S Passed CoW
2008-02-15 Senate
S Placed on General File
2008-02-15 Senate
S02 Recommended Do Pass
2008-02-14 Senate
S Introduced and Referred to S02
2008-02-13 Senate
S Received for Introduction
2008-02-12 LSO
Bill Number Assigned

Official Summary Text

2008 General Session Summary for SF0084

Bill No.:
SF0084
Drafter:

DRN

LSO No.:
08LSO-0344
Effective Date:

7/1/2008

Enrolled Act No.:
SEA0038

Chapter No.:

Prime Sponsor:
Senator
Job

Catch Title:
Firemen's
pension account-amendments.

Subject:
Firemen's
"plan B" pension plan for firefighters employed by cities, towns,
counties and fire protection districts.

Summary/Major Elements:

The Firemen's pension plan
currently provides a benefit for a paid firefighter at age 50 of 2.5% of salary
for each year of service for the first 25 years and 1% for each year after 25
years up to 32.5 years. This caps the benefit at 70% of the firefighter's
salary.

The contributions currently
paid for this benefit are set at 6% of the paid firefighter's salary and 12%
for the employer. The firefighter's do NOT contribute to federal social
security.

This act raises the 2.5%
multiplier for each year of service for the first 25 years of service to 2.8%.

The 70% cap is then reached
in 25 years and the 1% firefighter contribution for subsequent years of service
is eliminated.

To fund the difference, the
firefighter's contribution is increased from 6% to 8.5% of his salary;

The increase in benefits was
requested by firefighters due to the lack of social security.

Current Bill Text

Read the full stored bill text

WORKING DRAFT

ORIGINAL SENATE

FILE

NO.
0084

ENROLLED ACT NO. 38, SENATE

FIFTY-NINTH LEGISLATURE OF THE STATE OF
WYOMING
2008 BUDGET SESSION

AN ACT relating to
the
f
iremen's pension account; modifying pension amounts and
member
contributions;
and providing for an effective date.

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

Section 1.

W.S. 15
‑
5
‑
409(a)(i) and 15
‑
5
‑
420(a) are amended to read:

15
‑
5
‑
409.

Amount of service pension.

(a)

The amount of the monthly service pension payable to a retired member is:

(i)

Two and five-tenths percent (2.5%)

Two and eight-tenths percent (2.8%)
of his final average compensation multiplied by the number of years in his first twenty-five (25) years of his period of credited service
.
;

plus

15
‑
5
‑
420.

Member contributions.

(a)

Each employer shall deduct monthly from the compensation of each member participating in the account a sum equal to
six percent (6%)

eight and five-tenths percent (8.5%)
of
such

the
member's

compensation
, and that amount shall be paid by the employer to the account.

Section 2.

W.S. 15
‑
5
‑
409(a)(iii) is repealed.

Section 3.

This act is effective July 1, 2008.

(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

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