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HB0072 • 2015

Volunteer firefighter and EMT pension account.

AN ACT relating to pension accounts; creating the volunteer firefighter and EMT pension account; providing membership qualifications; providing for contributions to the account; providing for the transfer of members of the volunteer firemen's pension account and the volunteer emergency medical technician pension account to the new pension account; creating a pension account board; providing for membership on the board; closing and repealing the volunteer firemen's pension account and the volunteer emergency medical technician pension account; directing insurance premiums to the account as specified; providing legislative intent; providing for a transfer of pension funds; requiring a report; and providing for an effective date.

Budget Healthcare Taxes
Enacted

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

Sponsor
Appropriations
Last action
2015-02-27
Official status
enrolled
Effective date
7/1/2015

Plain English Breakdown

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

Amendments

These notes stay tied to the official amendment files and metadata from the legislature.

HB0072HW001

Committee of the Whole • Burkhart

Adopted

Plain English: Adopted Committee of the Whole by Burkhart

  • This amendment summary is using official source text because generated interpretation was skipped for this run.
  • The official amendment text was available, but an easy plain-English summary could not be produced automatically during the last sync.
HB0072HS001

Standing Committee • HAC

Adopted

Plain English: Adopted Standing Committee by HAC

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HB0072S2001

2nd reading • Bebout

Adopted

Plain English: Adopted 2nd reading by Bebout

  • This amendment summary is using official source text because generated interpretation was skipped for this run.
  • The official amendment text was available, but an easy plain-English summary could not be produced automatically during the last sync.

Bill History

  1. 2015-02-27 LSO

    Assigned Chapter Number

  2. 2015-02-27 Governor

    Governor Signed HEA No. 0013

  3. 2015-02-20 Senate

    S President Signed HEA No. 0013

  4. 2015-02-20 House

    H Speaker Signed HEA No. 0013

  5. 2015-02-17 LSO

    Assigned Number HEA No. 0013

  6. 2015-02-17 House

    H Concur:Passed 58-0-1-0-1

  7. 2015-02-12 House

    H Received for Concurrence

  8. 2015-02-12 Senate

    S 3rd Reading:Passed 27-1-0-0-2

  9. 2015-02-11 Senate

    S 2nd Reading:Passed

  10. 2015-02-11 Senate

    Amendment Adopted

  11. 2015-02-10 Senate

    S COW:Passed

  12. 2015-02-09 Senate

    S Placed on General File

  13. 2015-02-09 Senate

    Appropriations:Recommend Do Pass 4-0-0-0-1

  14. 2015-02-04 Senate

    S Introduced and Referred to S02 - Appropriations

  15. 2015-02-03 Senate

    S Received for Introduction

  16. 2015-02-02 House

    H 3rd Reading:Passed 48-10-1-0-1

  17. 2015-01-30 House

    H 2nd Reading:Passed

  18. 2015-01-29 House

    H COW:Passed

  19. 2015-01-29 House

    Amendment Adopted

  20. 2015-01-29 House

    Amendment Adopted

  21. 2015-01-27 House

    H Placed on General File

  22. 2015-01-27 House

    Appropriations:Recommend Amend and Do Pass 5-2-0-0-0

  23. 2015-01-14 House

    H Introduced and Referred to H02 - Appropriations

  24. 2015-01-13 House

    H Received for Introduction

  25. 2015-01-12 LSO

    Bill Number Assigned

Official Summary Text

Summary for LSO115
Bill No.:
HB0072
Effective Date:
7/1/2015

LSO No.:
15LSO-0143

Enrolled Act No.:
HEA 13

Chapter No.:
32

Prime Sponsor:
Joint Appropriations Interim Committee

Catch Title:
Volunteer firefighter and EMT pension account.

Subject:
Creates a new retirement account for Volunteer Firefighters and EMTs.

Summary/Major Elements:

Currently, there are separate retirement plans for volunteer firefighters and volunteer emergency medical technicians (EMT)
in
the Wyoming R
etirement
S
ystem
.
This Act merges those two plans into one retirement plan named the “Volunteer Firefi
ghter and EMT Pension Account.”
This Act merges all current members and retirees of the Vol
unteer Firemen and Volunteer
EMT plans into the new retirement plan and merges the two former pension plan accounts into
one
account.
Increases contribution levels for members of the account from $12.50 a month to $15.00 a month.
Creates a new benefit level for members of the
plan
. For the first 10 years of
service,
members receive a benefit level upon retirement of $16.00 per year of service and a benefit level of $19.0
0

per year of service over 10 years.
Provides for vesting after five years of participation in the
plan
.
Creates a new Volunteer Firefighter and EMT
P
ension
A
ccount
B
oard. The board is comprised of six volunteer firefighters and one volunteer EMT. Provides the board with rulemaking and hearing authority.
Provides for death and survivor benefits under the
plan
.
Provides for the purchase of up to five years of service credit
by a participating member
.
Increases the percent of the yearly gross premium tax levied upon fire insurance premiums contributed to the Volunteer
F
irefighter and EMT
P
ension
A
ccount from 50% of the premiums to an amount between 60% and 70% of the premiums depending on the actuarially funded level of the account.
If the account is actuarially funded at a level of 107% or greater, a contribution to the account of greater than 60% of the fire insurance premiums requires legislative approval.

Comments:

Creates
a
major program – Volunteer Firefighter and EMT Pension Account
Requires a Report
to the Joint Appropriations Committee.
The above summary is not an official publication of the Wyoming Legislature and is not an official statement of legislative intent. While the Legislative Service Office endeavored to provide accurate information in this summary, it should not be relied upon as a comprehensive abstract of the bill.

Current Bill Text

Read the full stored bill text
ORIGINAL
House
Bill No
.
HB0072

ENROLLED ACT NO.
13
,

HOUSE OF REPRESENTATIVES

SIXTY-THIRD LEGISLATURE OF THE STATE OF WYOMING
2015 General Session

AN ACT relating to pension accounts; creating the volunteer firefighter and EMT pension account; providing membership qualifications; providing for contributions to the account; providing for the transfer of members of the volunteer firemen's pension account and the volunteer emergency medical technician pension account to the new pension account; creating a pension account board; providing for membership on the board; closing and repealing the volunteer firemen's pension account and the volunteer emergency medical technician pension account; directing insurance premiums to the account as specified; providing legislative intent; providing for a transfer of pension funds; requiring a report; and providing for an effective date.

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

Section 1
.

W.S. 35
‑
9
‑
616 through 35
‑
9
‑
6
2
8
are created to read:

ARTICLE 6
VOLUNTEER FIREFIGHTER AND E
MT
PENSION ACCOUNT

35
‑
9
‑
616
.

Definitions
.

(
a)

As used in this act:

(i)

"
A
ccount
"

or
"
pension account
"

means
the volunteer firefighter and
EMT pension
account created pursuant to W.S.
35
‑
9
‑
617(a);

(i
i
)

"
Board
"
means the
volu
nteer firefighter and EMT
pension account
board
created pursuant to W.S. 35
‑
9
‑
623(a);

(i
ii
)

"
Children
"
means all natural children and adopted children of the participating member, born or conceived at the time of his death or retirement;

(iv)

"
Eligible retirement plan
"
means as defined in W.S. 9
‑
3
‑
402(a)(xxvii);

(v)

"
Participating member
"
means any
volunteer firefighter or
volunteer EMT for whom payments are received by the volunteer
firefighter and
EMT
pension
account as prescribed in W.S.
35
‑
9
‑
621
(e);

(vi)

"
Rollover contribution
"
means as def
ined in W.S. 9
‑
3
‑
402(a)(xxviii);

(vii)

"
Spouse
"
means the lawful spouse of a participating member who was married to the volunteer firefighter or volunteer EMT at the time of the volunteer
firefighter or volunteer
EMT
'
s entry into the
account
, or who although married after the date of entry, is recognized as the spouse covered by the benefits of the
account
as a result of special action of the board;

(
viii
)

"
Volunteer emergency medical technician
"
or
"
EMT
"
means as defined by W.S. 33
‑
36
‑
102(a)(x), and
a person
who performs EMT services as an attendant with a state licensed ambulance service and who devotes less than
his entire time of employment to, but is carried on the rolls of, a regularly constituted Wyoming ambulance service
, the members of which may be partly paid and partly volunteer
.

Persons performing EMT services for an
industrial ambulance
service
as defined in W.S. 33
‑
36
‑
102(a)(vi)
or
a
privately owned, for
profit ambulance service shall not be considered a volunteer emergency medical technician or EMT
. Payment of compensation for services actually rendered by enrolled volunteers does not take t
hem out of this classification.
Any individual who volunteers assistance but is not regularly enrolled as an EMT is not a volunteer within the meaning of this chapter;

(
i
x)

A
"
volunteer fire department
"
means any duly constituted and organized
firefighting
unit:

(A)

Recognized by the appropriate local government with jurisdiction of the area the unit services and which provides fire protection services to the community as a whole pursuant to a contract or agreement with, or as sponsored by, a governmental entity;

(B)

Operating under duly adopted bylaws;

(C)

All or a portion of the members of which are volunteers;

(D)

Holding monthly meetings to conduct business and training; and

(E)

The membership of which is not comprised exclusively of employees of a sponsoring nongovernmental entity.

(
x
)

"
Volunteer firefighter
"
or
"
firefighter
"
means
any individual who may or may not receive compensation for services rendered as a volunteer firefighter and who:

(A)

Is carried on the regular rolls of, but devotes less than his entire time of employment to, activities of a volunteer fire department, all or a portion of the members of which are volunteer; and

(B
)

During the course of any one (1) year, attends not less than fifty percent (50%) of the monthly volunteer fire department meetings.

(x
i
)

"
This act
"
means
W.S. 35
‑
9
‑
616 through 35
‑
9
‑
62
8
.

35
‑
9
‑
61
7
.

V
olunteer firefighter
and
EMT
pension
account
; merger with other pension
account
s; members
hip
.

(a)

The volunteer firefighter and
EMT

pension
account is created. All awards, benefits and pensions established under this article shall be paid from the account.

(b)

The 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
from
the
account
. Disbursements from the
account
shall be made only upon warrants drawn by the state auditor upon certification by authorized system employees.

(c)

The account shall be comprised of all funds and liabilities of the volunteer
firemen
'
s
pension account
created pursuant to W.S. 35
‑
9
‑
602,
the volunteer
emergency medical technician
pension
acco
unt created pursuant to W.S. 35
‑
29
‑
10
2
, funds directed into the account as pro
vided by W.S. 26
‑
4
‑
102
(b),
35
‑
9
‑
619(a)
,

35
‑
9
‑
621(e)
and 35
‑
9
‑
628
and all other funds as directed by this a
rticle
and the legislature
for the benefit of the account, or the volunteer
firemen
'
s

pension
account or volunteer emergency medical technician
pension
account, respectively
.

(d)

All members and retirees of the volunteer emergency medical technician
pension account
created pursuant to W.S. 35
‑
29
‑
101
through 35
‑
29
‑
112
, including those members who are no longer participating or contributing members of the volunteer emergency medical technician
pension
account
, but who have not withdrawn their funds a
s provided by W.
S. 3
5
‑
29
‑
106(f)
on or before June 30, 2015, shall become members or retirees of the pension
account
created pursuant to this section.

(e)

All members and retirees of the volunteer
firemen
'
s

p
ension account
created pursuant to W.S. 35
‑
9
‑
601
through 35
‑
9
‑
615
, including those
contributing
members who are no longer active
but who have not withdrawn their funds as provided by W.S.
35
‑
9
‑
60
8
(f)

on or before June 30, 2015,
shall become members or retirees of the pension
account
created pursuant to this section.

(f)

The director of the retirement system shall determine by rule and regulation a benefit level for all members joining the
pension account
under subsection
s
(
d
) and (
e
) of this section
equal to or greater than the benefits
the member
would have received under the volunteer
firemen
'
s
or volunteer emergency medical technician

pension accounts
, respectively
.

35
‑
9
‑
61
8
.

Annual audit; state
'
s liability.

(a)

The director of the Wyoming retirement system shall hire an independent audit firm
to perform
an annual audit of the ac
count established under W.S. 3
5
‑
9
‑
617
and shall report audit findings to the board and the governor.

(b)

Nothing in this article shall be construed to:

(i)

Except for obligations transferred pursuant to W.S. 35
‑
9
‑
617(c), acknowledge any past, present or future liability of or obligate the state of Wyoming for contribution except the employer's contributions provided for in this article, to either the volunteer firefighter and EMT pension system provided by this article or any other retirement system previously existing in the state of Wyoming; or

(ii)

Constitute a contract or binding obligation of any kind whatsoever or, except as provided in subsection
(c) of this section, to create or grant any vested right or interest in any individual, corporation or body politic.

(
c
)

I
f the account is terminated, all affected members have a nonforfeitable interest in their benefits that were accrued and funded to date. The value of the accrued benefits to be credited to the account of each affected member shall be calculated as of the date of termination.

35
‑
9
‑
619
.

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

(a)

In addition to contributions from the state, volunteer fire departments and licensed ambulance services, the board may receive and credit to the account any gifts, donations and other contributions made by individuals,
organizations and cities, towns,
counties
and other political subdivisions
for the benefit of the account. The board may invest monies within the
account
not immediately necessary to pay benefits, awards or pensions under this a
rticle
, in inve
stments authorized under W.S. 9
‑
3
‑
408(b).

(b)

The board shall employ a consulting actuary to review the
account
annually to determine its solvency and to make recommendations as to revisions and modifications
to
the
pension account
. The board may employ legal and other consultants as necessary. Actuarial reports are public records and available for inspection by all participating members of the
account
.

35
‑
9
‑
620
.

Contributions
on behalf of
volunteer firefighters and EMTs; collection; dual participation prohibited.

(a)

T
he county, city, town, fire district,
volunteer fire department or licensed ambulance service for whom a participating volunteer firefighter or
EMT
performs firefighting or EMT services
shall
pay to the
pension account
th
e amount required under W.S. 35
‑
9
‑
621(e). Payments shall be collected upon terms and conditions established by the board under W.S.
35
‑
9
‑
621(e)

and shall be forwarded by each collecting officer to the state retirement director for deposit in the
account
.

Any entity listed in this subsection may elect to provide for a member
'
s contribution or any portion thereof
provided that any payment of a contribution is made on behalf of a member
.
Whether an entity makes a
contribution
for a member
shall be at the discretion of the
entity
as an incentive to improve their local volunteer fire department
or emergency medical services
.

(
b
)

No
volunteer firefighter
member of the
pension

account
shall participate as a member of the
firemen
'
s pension account
s
under W.S. 15
‑
5
‑
201 through 15
‑
5
‑
209 or 15
‑
5
‑
401 through 15
‑
5
‑
422 if participation is based upon covered service for the same fire department.

35
‑
9
‑
621
.

Benefits enumerated; death of participant or spouse; amount and payment of contributions;
death benefits;
withdrawal from
pension account
.

(a)

For any participating memb
er attaining the retirement
age
and service requirements
as specified under subsection (d) of this section, the board shall authorize a monthly payment to the member during
the member
'
s
remaining lifetime of an amount equal to
sixteen
dollars ($
16
.00) per year of service for the first ten (10) years
of service
and
nineteen
dollars ($
19
.00) per year of service over ten (10) years
of service
.

(b)

When any
participating member or retired
member dies, the board shall
immediately
authorize payment monthly to the member
'
s surviving spouse during the spouse
'
s remaining lifetime of an amount equal to
sixty
‑
six percent (66%) of
the member
'
s
monthly
benefit as provided in this section
, if the deceased member ha
d
at least
five (5) years of active participation in the
pension account
.
If a
participating
member dies with less than five (5) years of active participation in the
pension account
,
the board shall immediately authorize payment monthly to
the member
'
s spouse,
during the spouse
'
s remaining lifetime
, of
an amount equal to sixty
‑
six percent (66%) of the equivalent of the deceased member
'
s benefit
as
if the member had attain
ed
five (5) years of active participation in the
pension account
.

(c)

When any
participating member or retired
member and
the
participating member's or retired
member
'
s
spouse die
with children who have not attained the age of twenty
‑
one (21) years, the board shall
immediately
authorize payment monthly to the lawful guardian
s
of
the children of
an amount equal to
a proportional share of
thirty
‑
three
percent (33%) of the
member
'
s benefit as
provided
in this section
, if the deceased
member had

at least
five (5) years of active participation in the
pension account
. If a
participating member or retired
member
and the
participating member's or retired
member
'
s spouse die
with children who have not attained the age of twenty
‑
one (21) years, and the deceased member had less than five (5) years of active participation in the
pension account
, the board shall
immediately
authorize
payment monthly to
the lawful guardian
s
of
the children
of an amount equal to
a proportional share of
thirty
‑
three
percent (
33
%) of the equivalent of the deceased member
'
s benefit
as
if the member had attain
ed
five (5) years of active participation in the p
ension account
.

(d)

Members who begin to participate in the p
ension account
prior to attaining the age of fifty
‑
five (55)
years
shall be eligible for
retirement
at
sixty (60)
years of age, if the member has
at least
five (5) years of active participation in the
pension account
.
Members who begin participation in the p
ension account
after attaining the age of fifty
‑
five (55)
years
shall be eligible for retirement after participating in the p
ension account
for
at least
five (5) years.

(e)

A volunteer
firefighter or volunteer
EMT
is a participating member under this article for each month a contribution of
fifteen
dollars
($15.0
0) is made by or on behalf of the member. For purposes of eligibility for benefits under subsections (b) and (c) of this section, a volunteer
firefighter or
EMT
is a participating member
beginning the first month following the month in which the required monthly payment and any required application for participation is actually received by the Wyoming retirement system. To continue as a participating member, subsequent monthly payments shall be received by the Wyoming retirement system not later than three (3) months following the close of the calendar month for which the payments are applicable. With the consent of and upon any terms and conditions established by the board, payments may be accepted at an earlier or later date. The board shall maintain full and complete records of the contributions made on behalf of each participating member and on request, shall furnish any participating member a statement of the contribution amounts and the dates for which contributions were received.

If contributions have varied in amount, the board may make appropriate adjustments in the benefits awarded. In making any adjustment, the board shall be guided by actuarial practice to afford substantial equity to members of the p
ension account
. No penalty shall be imposed upon any participating member transferring employment in Wyoming if required payments are made on a timely basis.

(f)

A participating member

may withdraw from the
pension account
and upon withdrawal

shall be paid an amount

equal to the amount contributed into
the member
'
s
account together with interest at the rate of t
hree
percent (
3
%
) per annum compounded annually.

(g)

If
a
member with less than five (5) years of active participation in the p
ension account
fails to provide contributions to the account as provided in subsection (e) of this section, the member
'
s account shall be deemed delinquent. No interest shall acc
rue on delinquent accounts. A member
'
s
account that remains delinquent for nine (9) months shall be closed and the associated funds shall
revert
into the
pension
account. A member whose account is closed pursuant to this subsection who subsequently reenrolls in the
pension account
shall be entitled to a refund equal to the amount that was
reverted
into the
pension
account upon the closing of the member
'
s delinquent account.

(
h
)

The board shall authorize benefit payments from the
account
in accordance with qualified domestic rela
tions orders pursuant to W.S. 9
‑
3
‑
426.

(
j
)

Any participating member with at least five (5) years of participation in the pension account who retires from active service as a volunteer firefighter or EMT before reaching retirement age and does not withdraw from the pension account as provided in subsection (f) of this section shall be entitled to a monthly benefit payment as provided in subsection (a) of this section upon reaching the retirement age specified in subsection (d) of this section.

A member
with
ten (10
)
or more
years of active
participation in the pension account
may choose to remove himself from active service
as a volunteer firefighter or EMT
and continue to contribute
to the pension account
for
an amount of time not to exceed the total number of years
the member was
an active participant in the pension account
,
as provided in
subsection
(e)
of this section
and rules promulgated by the board.

(
k
)

The board shall adopt rules to allow service for any period of time, after commencement of participation under this a
rticle
, which
a participating member
spends in active military or other emergency service of the United States as required by the Uniformed Services Employment and Reemployment Rights Act, 38 U.S.C. 4301 et seq.
to count towards a member
'
s years of active participation.

(
m
)

Upon the death of any participating member, a death benefit shall be paid from the deceased member
'
s account in the following manner and amount:

(i)

A lump

sum payment of five thousand dollars ($5,000.00) or the amount in the deceased member
'
s account, whichever is greater, to the estate of a deceased member without a survivor eligible for a benefit under subsection (b) or (c) of this section;

(ii)

If a spouse who is eligible to receive a benefit under subsection (b) of this section dies, an amount equal to five thousand dollars ($5,000.00) less the total amount of benefits received under subsection (b) of this section or the amount remaining in the deceased member
'
s account, whichever is greater, shall be paid to the spouse
'
s estate unless the spouse is survived by a person eligible to receive a benefit under subsection (c) of this section;

(iii)

When the last person under the age of twenty
‑
one (21) years who is eligible for the benefit provided by subsection (c) of this section dies or attains the age of twenty
‑
one (21)
years
, an amount equal to five thousand dollars ($5,000.00) less the total amount of benefits received under subsections (b) and (c) of this section or the amount remaining in the deceased member
'
s account, whichever is greater, shall be paid in equal shares to each of the children alive on that date;

(iv)

For
former
members
of the volunteer
firemen
'
s
acco
unt created pursuant to W.S. 35
‑
9
‑
60
2
(a) who
contribut
ed
five dollars ($5.00) per month before July 1, 1989, the appropriate benefit shall be determined by substituting two thousand five hundred dollars ($2,500.00) for five thousand dollars ($5,000.00) in paragraphs (i) through (iii) of this subsection.

(
n
)

Cost of living increases may be
recommended
by the board
for
retirees
of the
pension account

pursuant to W.S. 9
‑
3
‑
454(a).

(
o
)

Retired recipients of the account and their survivors shall receive any benefit increases provided to members of the account.

35
‑
9
‑
6
22
.

Death benefits in addition to other benefits.

Death benefits received under this a
rticle
shall be in addition to
,
and are payable after the application of
,
worker
'
s compensation benefits which are payable to
volunteer firefighters or
volunteer
EMT
s under the Wyoming Worker
'
s Compensation Act.

35
‑
9
‑
6
23
.

Board; established; nomination; appointment; terms and qualification of members
; first members
.

(a)

The volunteer
firefighter and
EMT
pension board is created. The board shall
control
the
account
.

(b)

The board shall consist of
seven

(
7
) members who sha
l
l be appointed by the governor to
staggered terms of three (3) years.
The governor may remove any board member as provided in W.S. 9
‑
1
‑
202. Of these board members:

(i)

Six (6) members shall be volunteer firefighters who have a minimum of five (5) years service as a volunteer
firefighter
in the state
. Appointments under this paragraph shall be made from nominees recommended to the governor by the
Wyoming state
firemen
'
s association
; and

(ii)

One (1) member shall be
a
volunteer

EMT
who ha
s
a minimum of five (5) years service as
a
volunteer EMT in the state
.

Appointments under this paragraph shall be made
by the
governor
.

(c)

The members of the initial board shall be comprised of the volunteer
firemen
members of the volunteer
firemen
'
s

pension
bo
ard created pursuant to W.S. 35
‑
9
‑
610 serving on Ju
ne 30
, 2015
and one (1) member of the volunteer emergency medical technician
pension
board created pursuant to W.
S
. 35
‑
29
‑
108
serving on June 30, 2015,
as selected by the governor. The
volunteer firefighter members and volunteer
EMT
member
of the initial board shall
serve for
the same term to which they were appointed to the volunteer
firemen
'
s

pension
board or volunteer emergency medical technician
pension
board, respectively.

35
‑
9
‑
6
24
.

Board; chairman; compensation of members; powers and duties.

(a)

Members of the board shall serve without compensation, but actual and reasonable expenses incurred by members for attending meetings and representing the board shall be reimbursed from the
account
.

(
b
)

The board may:

(i)

Adjust claims made by participating members under this a
rticle
and may waive or alter specific requirements relating to benefits under this a
rticle
, but shall not have authority to make a general increase in benefits;

(ii)

Promulgate
rules and regulations governing its operation;

(
iii)

Investigate claim applications, conduct hearings, receive evidence and otherwise act in a quasi
‑
judicial capacity
in accordance with the Wyoming Administrative Procedure Act
;

(iv)

Permit the suspension of payments in certain cases deemed appropriate by the board, with a commensurate reduction in benefits paid under this article.

35
‑
9
‑
6
25
.

Board; hearings; appeals.

(a)

The board shall provide
an
opportunity for hearing to any person petitioning the board for a hearing with or without counsel or witnesses. The board shall provide petitioners the power to subpoena witnesses to testify in their behalf. The taking of evidence shall be summary, giving a full opportunity to all parties to develop the facts.
The board shall provide a written transcript of all testimony received at any hearing conducted by the board to any requesting party.

(b)

The decision of the board upon hearing is a final administrative decision and is subject to judicial review in accordance with the Wyoming Administrative Procedure Act.

35
‑
9
‑
6
26
.

Adjustment of benefits in case of impairment of funds.

If at any time the net assets of the
account
become actuarially impaired, the board may adjust the benefits provided
, pro rata,
until the impairment is removed.

35
‑
9
‑
6
27
.

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 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
pension account
in the form of a di
rect rollover,
rollover contribution
s
shall be paid to the
pension account
on or before sixty (60) days after the date
the rollover contribution
was received by the member.

35
‑
9
‑
62
8
.

Deposit of tax on fire insurance premiums into account.

(a)

As provided in this subsection, t
he state treasurer shall deposit into the account
an amount not to exceed seventy
percent (
7
0%) of the gross tax levied upon fire
insurance premiums paid to insurance companies for fire insurance in the state of Wyom
ing for the preceding calendar quarter
, as computed under W.S. 26
‑
4
‑
102
(b)(ii) and provided by W.S. 26
‑
4
‑
103(k)
. The sum specified shall be calculated
by the Wyoming retirement system
:

(i)

Before giving effect to any premium tax credits which may otherwise be provided by law;
and

(ii)

To achieve
one hundred seven percent (107%) funding
of the account
, taking into account
the benefits and employee contribution specified in W.S. 35
‑
9
‑
621
and actuarial assumptions adopted by the Wyoming retirement board
;

(iii)

After the account achieves one hundred seven percent (107%) actuarial funding, the board shall recommend a funding amount of not less than sixty percent (60%) of the gross tax levied upon fire insurance premiums. A recommended funding amount under this section in an amount greater than sixty percent (60%) which results in an actuarial funding level greater than one hundred seven percent (107%) requires approval of the legislature.

Section 2
.

W.S.
9
‑
12
‑
1305(c) and
26
‑
4
‑
102(b)
(ii)
are
amended to read:

9
‑
12
‑
1305
.

Wyoming small business investment credit.

(c)

The credit for any tax year shall not exceed the participating investor's state premium tax liability for
that tax year. If the amount of the credit determined under this section for any tax year exceeds the liability for tax under this chapter, the credit may be carried forward to future tax years without limitation. The premium tax credits provided by W.S. 26
‑
19
‑
312, 26
‑
42
‑
111 and 26
‑
43
‑
105, and deposits to the volunteer
firemen's
firefighter
and EMT
pension account pursuant to W.S. 26
‑
4
‑
102(b)(ii), shall take priority over the premium tax credits provided by this section and shall be calculated using the gross premium tax before the credits provided by this section.

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%)
An amount not to exceed s
eventy
percent (
7
0%)
of the gross premium tax levied upon fire insurance premiums shall be deposited by the state treasurer in the volunteer
firemen
'
s

firefighter and EMT

pension account pursuant to W.S.
35
‑
9
‑
604
35
‑
9
‑
62
8
. For purposes of this paragraph, the gross premium tax levied upon fire insurance premiums is equal to
twenty
‑
six percent (26%)

thirty percent (30%)
of the total gross premium tax levied upon all property, casualty and multiple line insurers.

Section 3
.

W.S.
35
‑
9
‑
601 through 35
‑
9
‑
6
15
and
35
‑
29
‑
101 through 35
‑
29
‑
112 are repealed.

Section 4
.

T
he
Wyoming retirement system
and the state treasurer

shall transfer all
funds within the volunteer
firemen
'
s
pension acco
unt created pursuant to W.S. 35
‑
9
‑
60
2
(a) and the volunteer emergency medical technician pension acco
unt created pursuant to W.S. 35
‑
29
‑
10
2
(a) to the volunteer firefighter and
EMT pension
account created pursuant to this a
ct
.

Section
5
.

It is the intent of the legislature that all members and retirees of the volunteer
firemen
'
s
pension
account
and volunteer emergency medical technician
pension account
on June 30, 2015 shall be able to continue to participate in the pension
account
created by this ac
t
.

Section 6.

(a)

The volunteer firefighter and
EMT

pension
board, with the assistance and input of the Wyoming retirement system, shall provide the joint appropriations interim committee with a report no later than December 1, 2015. The report shall contain:

(i)

An update
on enrollment under the pension
account
created by this a
ct
and any difficulties encountered therein;

(ii)

An update on the transfer of members
and r
etirees of the volunteer firemen
'
s
pension
account
and
the volunteer emergency medical technician
pension account
, respectively, and any difficulties encountered therein
;

(iii)

The projected actuarial soundness of the account; and

(iv)

Any proposed statutory changes necessary to administer the pension account.

Section
7
.

This
act is effective July 1,
2015
.

(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