Emergency medical technician pension plan.

WORKING DRAFT
2014
STATE OF
WYOMING
14LSO-0073

HOUSE BILL
NO.

HB0041

Emergency medical technician pension plan.

Sponsored by:
Joint Appropriations Interim Committee

A BILL

for

AN ACT relating to
the
emergency medical technician pension plan; providing for funding of plan from fire insurance premium taxes;

amending obsolete
and inconsistent
language;
and providing for an effective date.

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

Section 1.
W.S. 26
‑
4
‑
102(
b)(ii)
, 35
‑
9
‑
604
, 35
‑
29
‑
10
1(a)(v), 35
‑
29
‑
10
2
, 35
‑
29
‑
103,
35
‑
29
‑
104(a)

and 35
‑
29
‑
112
are amended to read:

26
‑
4
‑
102.

Record of receipts; payment to treasurer; credit to fund.

(b)

The commissioner shall promptly pay all monies
he
receives from any charges to the state treasurer for credit to the general fund, except that:

(ii)

Fifty percent (50%)
A portion

of the gross premium tax levied upon fire insurance premiums shall be deposited by the state treasurer
in the volunteer firemen's pension account pursuant to W.S. 35
‑
9
‑
604

as provided in this paragraph
. For purposes of this paragraph, the gross premium tax levied upon fire insurance premiums is equal to twenty-six percent (26%) of the total gross premium tax levied upon all property, casualty and multiple line insurers.
Of
the
gross premium tax
levied upon fire insurance premiums
:

(A)

Fifty percent (50%) shall be deposited in the volunteer firemen's pension account pursuant to W.S. 35
‑
9
‑
604; and

(B)

Ten
percent
(
10%
)
shall be deposited in the
volunteer emergency medical technician (EMT) pension account established by W.S. 35
‑
29
‑
102
pursuant to W.S.
35
‑
29
‑
104(
a)
.

35
‑
9
‑
604.

Deposit of tax on fire insurance premiums into account.

The state treasurer shall deposit into the account fifty percent (50%) of the gross tax levied upon fire insurance premiums paid to insurance companies for fire insurance in the state of Wyoming for the preceding calendar
month

quarter
, as computed under W.S. 26
‑
4
‑
102(
b)(ii)
(A)
and provided by W.S. 26
‑
4
‑
103(k). The sum specified shall be calculated before giving effect to any premium tax credits which may otherwise be provided by law.

35
‑
29
‑
101.

Definitions.

(a)

As used in this article:

(v)

"Fund" means the volunteer emergency medical technician (EMT) pension
account w
ithin the trust and agency
fund
established by W.S. 35
‑
29
‑
102;

35
‑
29
‑
102.

Fund created; administration; disbursements from
fund
.

(a)

The volunteer emergency medical technician pension
account within the trust and agency
fund
is created. All awards, benefits and pensions established under this article shall be paid from the fund
.

account
.

(b)

The fund
account
established under subsection (a) of this section shall be controlled by the board and administered by the director of the Wyoming retirement system. All expenses of administration shall be paid by the fund. Disbursements from the fund shall be made only upon warrants drawn by the state auditor upon certification by authorized system employees.

35
‑
29
‑
103.

Biennial audit; state's liability.

(a)

The director of the Wyoming retirement system shall hire an independent audit firm for an annual audit of the fund
account
established under W.S. 35
‑
29
‑
102 and shall report audit findings to the board and the governor.

(b)

The fund
account
created by W.S. 35
‑
29
‑
102 shall be administered without liability on the part of the state beyond the amount of the funds available to the fund
.

account
.

35
‑
29
‑
104.

Authority to receive donations; investment of monies; employment of actuary; actuarial reports.

(a)

The state treasurer shall deposit into the
fund

ten
percent (
10
%) of the gross tax levied upon fire insurance premiums paid to insurance companies for fire insurance in the state of Wyoming for the preceding calendar
quarter
, as computed under W.S. 26
‑
4
‑
102(
b)(ii)(B) and provided by W.S. 26
‑
4
‑
103. The sum specified shall be calculated before giving effect to any premium tax credits which may otherwise be provided by law.
In
addition to contributions from the state and licensed ambulance services, the board may receive and credit to the fund any gifts, donations and other contributions made by individuals, organizations and cities, towns and counties for the benefit of the fund. The board may invest monies within the fund not immediately necessary to pay benefits, awards or pensions under this article, in investments authorized under W.S. 9
‑
3
‑
408(
b).

35
‑
29
‑
112.

Purchase of service credit.

Any member who has been a participating member for at least five (5) years may elect to make a one (1) time purchase of up to five (5) years of service credit as authorized and limited by section 415(c) and 415(n) of the Internal Revenue Code and as established in rules promulgated by the
board. Any member electing to purchase service credit shall pay into the
account
fund

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, the individual's attained age and the benefit structure at the time of purchase. A member may purchase service credit with personal funds or, subject to rules and regulations established by the board, through rollover contributions. Unless received by the fund in the form of a direct rollover, the rollover contribution shall be paid to the fund on or before sixty (60) days after the date it was received by the member.

Section 2.
This act is effective July 1, 2014.

(END)

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HB0041