HB0077 • 2015

Wyoming retirement system-veteran''s service credit.

AN ACT relating to the Wyoming retirement system; authorizing purchase of credits for prior military service as specified; providing purchase conditions and requirements; granting rulemaking authority; and providing for an effective date.

Labor

Enacted

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

Sponsor: Representative Lindholm
Last action: 2015-03-03
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.

HB0077HS001

Standing Committee • HTransportation

Adopted

Plain English: Adopted Standing Committee by HTransportation

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.

HB0077SS001

Standing Committee • SAppropriations

Adopted

Plain English: Adopted Standing Committee by SAppropriations

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

2015-03-03 LSO
Assigned Chapter Number
2015-03-03 Governor
Governor Signed HEA No. 0061
2015-02-26 Senate
S President Signed HEA No. 0061
2015-02-26 House
H Speaker Signed HEA No. 0061
2015-02-25 LSO
Assigned Number HEA No. 0061
2015-02-25 House
H Concur:Passed 59-0-1-0-0
2015-02-24 House
H Received for Concurrence
2015-02-24 Senate
S 3rd Reading:Passed 28-2-0-0-0
2015-02-23 Senate
S 2nd Reading:Passed
2015-02-20 Senate
S COW:Passed
2015-02-20 Senate
Amendment Adopted
2015-02-18 Senate
S Placed on General File
2015-02-18 Senate
Appropriations:Recommend Amend and Do Pass 5-0-0-0-0
2015-02-09 Senate
S Introduced and Referred to S02 - Appropriations
2015-02-06 Senate
S Received for Introduction
2015-02-05 House
H 3rd Reading:Passed 58-1-1-0-0
2015-02-04 House
H 2nd Reading:Passed
2015-02-03 House
H COW:Passed
2015-02-03 House
Amendment Adopted
2015-01-30 House
H Placed on General File
2015-01-30 House
Appropriations:Recommend Do Pass 7-0-0-0-0
2015-01-28 House
H COW:Rerefer to H02 - Appropriations
2015-01-28 House
H Placed on General File
2015-01-28 House
Transportation:Recommend Amend and Do Pass 9-0-0-0-0
2015-01-22 House
H Introduced and Referred to H08 - Transportation
2015-01-14 House
H Received for Introduction
2015-01-12 LSO
Bill Number Assigned

Official Summary Text

Summary for LSO115
Bill No.:
HB0077
Effective
:
7/1/2015

LSO No.:
15LSO-0275

Enrolled Act No.:
HEA 61

Chapter No.:
92

Prime Sponsor:
Lindholm

Catch Title:
Wyoming retirement system-veteran's service credit.

Subject:
Authorizes purchase of retirement service credit by veterans

Summary/Major Elements:

This
bill
a
uthorizes
S
tate employees who are honorably discharged veterans to purchase
service credits in the
Wyoming
R
etirement
S
ystem
. Any purchase of service credits shall be:

Subject to rules of the Retirement Boar
d and the Internal Revenue Code’
s limits on credit purchases;

Limited to one year of credit for each year of military service, up to a maximum of eight years;

Conditioned upon payment by the employee of a lump sum equal to the
actuarially
-determined, age-adjusted cost of the credits
;

Used to calculate pension benefits, but not to determine vesting;

Applicable to retirement plans for
S
tate employees,
H
ighway
P
atrol/game wardens, judges and
firefighters
.
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
.
HB0077

ENROLLED ACT NO.

61
,

HOUSE OF REPRESENTATIVES

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

AN ACT relating to the Wyoming retirement system; authorizing purchase of credits for prior military service as specified; providing purchase conditions and requirements; granting rulemaking authority; and providing for an effective date.

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

Section 1
.

W.S. 9
‑
3
‑
415 by creating a new subsection (m) is amended to read:

9
‑
3
‑
415
.

When retirement permitted; service credit.

(m)

Any
vested member

who was honorably discharged from the military service of the United States
may elect to
purchase
service credit
in the retirement system,
subject to the following:

(i)

Purchase of service credit shall be as authorized and limited by section 415(c) and 415(n) of the Internal Revenue Code
and rules promulgated by the board
;

(ii)

One
(1)
year of service credit may be purchased for each year of military service, up to a maximum of eight (8) years
;

(i
ii
)

Cumulative purchases of service credit under this section and as otherwise authorized
under the Wyoming Retirement Act shall not exceed eight (8) years;

(
i
v
)

An employee 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 and the individual's attained age
;

(
v
)

The lump sum may be paid with funds from any source, including rollover contributions, subject to rules and regulations established by the board. Unless received by
the retirement
system
in the form of a direct rollover, the rollover contribution shall be paid to the program
not more than
sixty (60) days after the date it was received by the member
;

(v
i
)

Service credit purchased under this subsection shall not be used to determine vested eligibility to receive benefits under this article
;

(vii)

Service credit purchased under this subsection shall qualify as service credit defined in W.S. 9
‑
3
‑
402(a)(xxi), 9
‑
3
‑
602(a)(iii)
, 9
‑
3
‑
702(a)(iii)
and 15
‑
5
‑
402(a)(iv) but shall not be used to determine whether a member is a general member initially employed after August 31, 2012.

Section
2
.

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