Deferred compensation automatic enrollment amendments.

2016
State of Wyoming
16LSO-0103
Introduced
1.2

HOUSE BILL

NO.

HB0045

Deferred compensation automatic enrollment amendments.

Sponsored by:
Joint Appropriations Interim Committee

A BILL

for

AN ACT relating to administration of government; providing for the option to withdraw an employee’s entire account balance from the deferred compensation plan during the permissible withdrawal period; and providing for an effective date.

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

Section 1
.

W.S. 9
‑
3
‑
509(
b)(ii) is amended to read:

9
‑
3
‑
509
.

Enrollment of state employees in the plan; notice to employee; contribution rate; investment of funds
by retirement system; withdrawal period; plan document to provide for automatic enrollment.

(b)

An employee enrolled in the program under this section shall have:

(ii)

A ninety (90) day permissible withdrawal period from the program beginning on the date of the employee's first contribution to the program. An employee may withdraw his
contribution
total account balance
from the program within the permissible withdrawal period
.

without
penalty, however the employee will forfeit any employer contribution made on behalf of the employee under W.S. 9
‑
3
‑
508.

Section 2
.

This act is effective July 1, 2016
.

(END)

1
HB0045