Deferred compensation program-state contribution.

WORKING DRAFT
2012
STATE OF
WYOMING
12LSO-0174

HOUSE BILL
NO.
HB0118

Deferred compensation program-state contribution.

Sponsored by:

Representative(s) Pedersen

A BILL

for

AN ACT relating to
public
employee compensation;
providing for
additional state contribution to the
Wyoming
deferred compensation
program
for qualifying employees
as specified
;

providing appropriation
s
;
and providing for an effective date.

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

Section 1.

W.S. 9
‑
3
‑
508 is amended to read:

9
‑
3
‑
508.

Amount of state's contribution; qualified annuity plan contributions authorized; estimates submitted to state budget officer.

(a)

The state shall contribute monthly to the program
the
an

amount

established and appropriated by the legislature

matching on an equal basis the contribution of

for each employee and official contributing to and participating in the program in accordance with subsections (b) and (c) of this section.
The
minimum
monthly matching contribution by the state shall be
twenty dollars ($20.00) and the maximum shall be
two percent (2%) of the contributing employee's or official's salary for the applicable month.
The amount of the state's contribution under this section shall be subject to the legislative appropriation made and a
ny legislative appropriation under any act adopted by the legislature for contributions under this section shall be expended solely for the purposes specified in this section during the budget period for which the appropriation is made and shall not be carried forward for contributions in succeeding budget periods.

(b)

Any state agency, department or institution including the University of Wyoming and the community colleges in the state, shall pay monthly to the board the amount established and appropriated by the legislature for each qualified employee or official participating in the program. For purposes of this subsection, "qualified employee or official" means any employee or official contributing monthly to the program through salary deferrals
in an amount equal to or greater than the
minimum

amount specified.
To qualify for the state contribution available pursuant to subsection (a) of this section, the employee or official shall contribute monthly to the program from their salary an amount not less than the
per person
minimum

amount established
and appropriated by the legislature

under subsection (a) of this section.

(c)

Each state agency, department and institution shall estimate the
maximum

amount required for its participation in the program for the next biennium and shall submit the estimate to the state budget officer to be included within the budget request.

(d)

For any qualified employee electing contributions under this subsection instead of under subsections (a) and (b) of this section, the University of Wyoming and the community colleges shall contribute monthly to a qualified annuity plan under 26 U.S.C. 403(b) for the qualified employee subject to the following:

(i)

The amount computed shall be equal to the
maximum

amount

established
authorized

and appropriated by the legislature

under
subsections

subsection

(a)
and (b)

of this section;

(ii)

"Qualified employee" as used in this subsection means any employee contributing to a qualified annuity plan under 26 U.S.C. 403(b) in an amount equal to or greater than the
minimum

amount specified under
paragraph (d)(i)

subsection (a)

of this section;

(iii)

The university and the Wyoming community college commission shall estimate the
maximum

amount required for respective participation under this subsection for the next biennium and shall submit the estimate to the state budget officer to be included within the budget request.

Section 2.

(a)

There is appropriated
to the state auditor the following amounts for the purposes specified:

(i)

Seventeen

million
three

hundred thousand dollars ($1
7
,
3
0
0,000.00)
from the general fund to make contributions as provided in W.S. 9
‑
3
‑
508 for the fiscal biennium beginning July 1, 2012. Funds appropriated under this paragraph shall not lapse until June 30, 2014; and

(ii)

For state agency employers

whose
salaries
are
paid
from nongeneral fund sources there is appropriated from those accounts and funds amounts necessary to provide the employer contribution
provided
by this act for the periods specified in paragraph (i) of this subsection
.

(b)

Th
ese
appropriation
s
shall only be expended for the purpose of
providing each
state agency's employer
contribution
provided
by this act.

The auditor shall
transfer the funds to the Wyoming deferred compensation program
as determined by the department of administration and information to be necessary to meet the
provisions
of this act.
Notwithstanding any other provision of law, th
ese
appropriation
s
shall not be transferred or expended for any other purpose and any unexpended, unobligated funds remaining from this appropriation shall revert as provided
in this section.
This appropriation shall not be included in the
state auditor's
201
5
-201
6
standard biennial budget request.

(
c
)

As used in this section "state agency" includes each community college and any state executive, legislative or judicial department, board, commission or other agency
or instrumentality of the state, including the University of Wyoming.

Section
3
.
This act is effective July 1, 2012.

(END)

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HB0118