Retirement income security task force.

2018
STATE OF WYOMING
18LSO-0499
Numbered
1.4

HOUSE BILL

NO.
HB0193

Retirement income security task force.

Sponsored by:
Representative(s) Zwonitzer and Brown and Senator(s) Anderson and Scott

A BILL

for

AN ACT relating to the administration of government; creating a task force on retirement income security; providing for a study of retirement preparedness and retirement savings programs; requiring a report; and providing for an effective date.

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

Section
1
.

(a)

There is created

the
retirement income security
task force
consisting of the following members:

(
i
)

One (1) member of the Wyoming house of representatives appointed by the speaker of the house;

(ii)

One (1) member of the Wyoming senate appointed by the president of the senate;

(iii)

The director of the Wyoming department of health or his designee;

(iv)

The
cochairman elected
pursuant to W.S. 9
‑
12
‑
1401(a)
from among the appointed members of
the economically needed diversity options for Wyoming
(ENDOW)
executive council or his designee;

(v)

One (1) person appointed by the Wyoming state office of the American association of retired persons;

(vi)

Two (2)
representatives

of the Wyoming business community, appointed by the state treasurer;

(vii)

One (1) representative of a nonprofit organization in Wyoming, appointed by the state treasurer;

(viii)

One (1) representative of the financial services community in Wyoming, appointed by the state treasurer;

(ix)

One
(1)
member of the joint labor, health and social services interim committee of the Wyoming legislature, appointed
jointly
by the cochairmen of the committee.

(b)

The task force
shall select from among its members a chairman and a vice
‑
chairman.

(c)

The task force
shall be staffed by the state treasurer’s office. State agencies shall provide information and assistance to the task force as requested by the task force.

(d)

The task force

shall identify, study and make recommendations concerning:

(
i
)

The preparedness of Wyoming residents to retire in a financially secure manner, including an evaluation of options, process
es
and
any
legislative proposals
necessary
to implement a state

operated, privately operated or jointly operated retirement savings program for private

sector employees having limited or no access to a retirement savings program at their places of employment;

(ii)

The number of employees in the state currently not participating in an employer

sponsored retirement savings plan or program;

(iii)

The establishment and operation of high

quality and
low

cost
retirement income security plans or programs that are governed by federal law and that qualify for tax

favored treatment under the tax codes of the United States and Wyoming. The task force shall consult with experts from the private and nonprofit sectors in considering the issues listed in this paragraph;

(iv)

Criteria for participation by employees and employers in a newly created retirement plan or program;

(v)

The costs to employers for participation in a statewide retirement savings plan or retirement income security plan;

(vi)

The effects of implementing a statewide retirement income security plan on economic activity in the state;

(vii)

Other programs and incentives that may be available to increase the percentage of financially secure retirees in Wyoming;

(viii)

The financial impact to the state’s social safety net programs and general fund if the state fails to act to improve citizen access to retirement savings opportunities at their places of employment.

(e)

The task force

shall submit a report summarizing its studies, findings
,
recommendations
and any proposals
for appropriate legislation
to the joint labor, health and social services interim committee on or before December 1, 2018. The joint labor, health and social services interim committee shall consider the recommendations and develop any legislation it deems appropriate for consideration by the legislature. If the recommendations made by the task force
suggest a multi
‑
year approach to addressing the issues identified in this act, the joint labor, health and social services interim committee may consider sponsoring legislation for the continuation of the task force.

(f)

The
task force

shall
terminate on

January 1, 2020.

Section 2
.

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
HB0193