Wyoming retirement plans-incentives funded.

2018
STATE OF WYOMING
18LSO-0172
Numbered
2.3

HOUSE BILL

NO.
HB0139

Wyoming retirement plans-incentives funded.

Sponsored by:
Joint Appropriations Committee

A BILL

for

AN ACT relating to retirement plans administered by the board of the Wyoming retirement system; requiring employers to pay for increased liabilities to retirement plans as a result of implementing retirement incentive programs; requiring rulemaking and providing for administration; and providing for effective dates.

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

Section 1
.

W.S. 9
‑
3
‑
402(a) by creating
a
new paragraph (xxx) and 9
‑
3
‑
405(a) by creating a new paragraph (viii) and
by creating a new
subsection (d) are amended to read:

9
‑
3
‑
402
.

Definitions.

(a)

As used in this article:

(xxx)

"
Retirement incentive program
"
means the
offer
of money or other benefit by an employer to an employee or member
as consideration
for the employee or member
'
s written agreement to retire on or before a date certain.

9
‑
3
‑
405
.

Retirement board duties and powers; retirement incentive programs.

(a)

In addition to any other duties prescribed by law, the board shall:

(viii)

Adopt rules implementing the provisions of subsection (d) of this section regarding retirement incentive programs.

(d)

Any employer intending to implement a retirement incentive program shall notify the board of its intent not less than
fifteen
(
15
) days prior to formally offering the program to its employees who are members of a plan administered by the board. The board shall inform the employer within
fifteen
(
15
) days of receipt of the notice whether the board
'
s preliminary determination discloses
that implementation of the
retirement incentive program would increase the unfunded actuarial
accrued
liability of the applicable retirement plan
.
An employer implementing a retirement incentive program shall provide notice to the board regarding the number and names of members agreeing to retire under terms of
the employer
'
s retirement incentive
program.
After receiving this information from the employer t
he board shall determine any increased unfunded actuarial
accrued
liability to the affected retirement plan and if it determines there is an increase
attributable to the retirement incentive program
shall assess the amount of the increase to the employer. The employer shall remit the assessed amount to the board within ninety (90) days after receipt of the assessment
or within such longer period as agreed to by the board and the employer
. Any employer
failing to remit funds under this subsection
when
due shall be assessed interest, calculated and subject to collection in accordance with W.S. 9
‑
3
‑
413. Any employer implementing a retirement incentive program without complying with all provisions of this subsection, shall be liable for all assessments, costs and interest provided in this subsection which may be recovered by the board, together with court costs and all other costs of collection, including attorney fees, in an action brought for that purpose in the first judicial district court in Laramie
c
ounty, Wyoming. All funds received by the board pursuant to this subsection which are not used to conduct necessary studies shall be deposited to the affected retirement account or plan. This subsection applies to all retirement plans, programs and systems administered by the board. The board may delegate any of its duties under this subsection to
its
director.
As used in this subsection "employer" includes any employer under any retirement plan
, program or system
administered by the board.

Section 2
.

The board of the Wyoming retirement system
shall
undertake rulemaking required by this act upon the effective date of this section.

Section 3
.

(a)

Except as provided in subsection (b) of this section, this act is effective July 1, 2018.

(b)

Section 2 of this act
is effective
immediately upon completion of all acts necessary for a bill to become law as provided by Article 4, Section 8 of the Wyoming Constitution.

(END)

1
HB0139