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SF0059 • 2016

Deferred compensation automatic enrollment amendments-2.

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.

Budget Labor
Enacted

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

Sponsor
Appropriations
Last action
2016-03-02
Official status
enrolled
Effective date
7/1/2016

Plain English Breakdown

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

Bill History

  1. 2016-03-02 LSO

    Assigned Chapter Number

  2. 2016-02-29 Governor

    Governor Signed SEA No. 0001

  3. 2016-02-25 House

    H Speaker Signed SEA No. 0001

  4. 2016-02-24 Senate

    S President Signed SEA No. 0001

  5. 2016-02-24 LSO

    Assigned Number SEA No. 0001

  6. 2016-02-24 House

    H 3rd Reading:Passed 60-0-0-0-0

  7. 2016-02-23 House

    H 2nd Reading:Passed

  8. 2016-02-22 House

    H COW:Passed

  9. 2016-02-18 House

    H Placed on General File

  10. 2016-02-18 House

    H02 - Appropriations:Recommend Do Pass 7-0-0-0-0

  11. 2016-02-16 House

    H Introduced and Referred to H02 - Appropriations

  12. 2016-02-15 House

    H Received for Introduction

  13. 2016-02-15 Senate

    S 3rd Reading:Passed 30-0-0-0-0

  14. 2016-02-12 Senate

    S 2nd Reading:Passed

  15. 2016-02-11 Senate

    S COW:Passed

  16. 2016-02-11 Senate

    S Placed on General File

  17. 2016-02-11 Senate

    S02 - Appropriations:Recommend Do Pass 4-0-1-0-0

  18. 2016-02-09 Senate

    S Introduced and Referred to S02 - Appropriations 30-0-0-0-0

  19. 2016-02-05 Senate

    S Received for Introduction

  20. 2016-02-05 LSO

    Bill Number Assigned

Official Summary Text

Summary for LSO115
Bill No.:
SF0059
Effective
:
7/1/2016

LSO No.:
16LSO-0376

Enrolled Act No.:
SEA No. 0001

Chapter No.:
4

Prime Sponsor:
Joint Appropriations Interim Committee

Catch Title:
Deferred compensation automatic enrollment amendments-2.

Subject:
Authorizes new employees to withdraw
their
entire account balance when opting out of automatic enrollment in the
deferred compensation pla
n

Summary/Major Elements:

Under current law, new state employees are automatically enrolled in the state deferred compensation retirement plan, but may withdraw from the plan within ninety days. An employee opting out of the plan may only withdraw the amounts the employee actually contributed,
not amounts contributed by the s
tate.

This act authorizes
a
new state employee
who opts
out of the state deferred compensation retirement plan

within ninety days to withdraw
the employee’
s
entire account balance, including amounts contributed
by the s
tate.

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
Senate
File No
.
SF0059

ENROLLED ACT NO. 1,

SENATE

SIXTY-FOUR LEGISLATURE OF THE STATE OF WYOMING
2016 Budget Session

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)

Speaker of the House

President of the Senate

Governor

TIME APPROVED: _________

DATE APPROVED: _________

I hereby certify that this act originated in the
Senate
.

Chief Clerk

1