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20LSO-0388
2020
STATE OF WYOMING
20LSO-0388
ENGROSSED
4.0
SENATE FILE NO. SF0108
Public employee retirement.
Sponsored by: Senate Appropriations Committee
A BILL
for
AN ACT relating to administration of government; modifying provisions of the Wyoming Retirement Act; increasing employee and employer contributions under the Act as specified; modifying the age and the combined age and service requirements for normal retirement benefits for general members hired after a specified date; modifying definitions; making conforming amendments; repealing archaic provisions; and providing for an effective date.
Be It Enacted by the Legislature of the State of Wyoming:
Section 1
.
W.S.
9
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3
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402(a)(xxix)(intro), by creating a new paragraph (xxx) and by creating a new subsection (b), 9
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3
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412(a), 9
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3
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413, 9
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3
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415(a)(
i
), (ii), by creating a new paragraph (iii), by amending and renumbering (iii) as (iv) and by creating a new paragraph (v) are amended to read:
9
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3
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402.
Definitions.
(a)
As used in this article:
(xxix)
"General member initially employed after August 31, 2012" means a general member, other than a member meeting the provisions of subparagraph (B) of this paragraph,
or paragraph (xxx) of this subsection,
who:
(xxx)
"General member initially employed after August 31, 2020" means a general member who meets the specifications in paragraph (xxix) of this subsection, except that the date of August 31, 2012 in that paragraph shall be August 31, 2020 and the date of September 1, 2012 shall be September 1, 2020 when applied to a "general member initially employed after August 31, 2020".
(b)
For purposes of this article, "general member initially employed after August 31, 2012" shall include a "general member initially employed after August 31, 2020" except for purposes of W.S. 9
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3
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415(a).
9
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3
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412.
Members' contributions; payroll deductions; employer authorized to pay employee's share.
(a)
Except as otherwise provided in this section and W.S. 9
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3
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431 and 9
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3
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432, every member covered under this article, shall pay into the account
eight and one
‑
half percent (8.5%) of his salary for the period from September 1, 2018 through June 30, 2019, eight and three
‑
quarters percent (8.75%) of his salary for the period from July 1, 2019 through June 30, 2020,
nine percent (9%) of his salary for the period from July 1, 2020 through June 30, 2021
,
and thereafter
nine and one
‑
quarter percent (9.25%) of his salary
for the period from July 1, 2021 through June 30, 2022, nine and fifty
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eight hundredths percent (9.58%) of his salary for the period from July 1, 2022 through June 30, 2023, nine and ninety
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one hundredths percent (9.91%) of his salary for the period from July 1, 2023 through June 30, 2024 and thereafter ten and one
‑
quarter percent (10.25%)
. Every firefighter member covered under this article shall pay into the account seven percent (7%) of his salary. Payments shall be deducted each pay period from each member's salary by the chief fiscal officer of each participating employer. Employee contributions shall
be transferred to the account in accordance with subsection (c) of this section.
9
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3
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413.
Employer's contributions; payable monthly; transfer to account; interest imposed upon delinquent contributions; recovery.
Except as provided by W.S. 9
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2
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1022(a)(xi)(F)(III) or (IV), 9
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3
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431 and 9
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3
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432, each employer excluding employers of firefighter members, shall on a monthly basis, pay into the account a contribution equal to
eight and sixty
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two hundredths percent (8.62%) of the salary paid to each of its members covered under this article for the period from September 1, 2018 through June 30, 2019, eight and eighty
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seven hundredths percent (8.87%) of the salary paid for the period from July 1, 2019 through June 30, 2020,
nine and twelve hundredths percent (9.12%) of the salary paid for the period from July 1, 2020 through June 30, 2021
,
and thereafter
nine and thirty
‑
seven hundredths percent (9.37%) of the salary paid
for the period from July 1, 2021 through June 30, 2022, nine and seven
‑
tenths percent (9.7%) of the salary paid for the period from July 1, 2022 through June 30, 2023, ten and three hundredths
percent (10.03%) of the salary paid for the period from July 1, 2023 through June 30, 2024 and thereafter ten and thirty
‑
seven hundredths percent (10.37%) of the salary paid
. Employers of firefighter members shall pay into the account a contribution equal to seven and twelve hundredths percent (7.12%) of the salary paid. Employer contributions for any month, together with the members' contributions for that month, if any, shall be transferred to the board not later than the twelfth day of the following month. These contributions shall be credited to the account in a manner as directed by the board. Any employer failing to transfer contributions under this section in sufficient time for the board to receive the contributions by the twenty
‑
fifth day of the month due shall be assessed interest at the assumed rate of return as determined by the board, compounded annually. Interest imposed under this section shall be payable not later than the twelfth day of the next succeeding month. If the contributions and any interest imposed under this section are not transferred to the board when due, they may be recovered, together with court costs, in an action brought for that purpose in the first judicial district court in Laramie County, Wyoming.
9
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3
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415.
When retirement permitted; service credit.
(a)
Except as provided under W.S. 9
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3
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431 and 9
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3
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432, normal retirement benefits under the system are payable to a member who:
(
i
)
Has at least four (4) years of service credit and is at least sixty (60) years of age and is not subject to paragraph (ii)
or (iii)
of this subsection; or
(ii)
If a general member initially employed after August 31, 2012,
and is not subject to paragraph (iii) of this subsection,
has at least four (4) years of service credit and is at least sixty
‑
five (65) years of age; or
(iii)
If a general member initially employed after August 31, 2020, has at least four (4) years of service credit and is at least sixty
‑
seven (67) years of age; or
(iii)
(iv)
Has a combined total of years of service credit and years of age which equals at least
eighty
‑
five (85)
.
and is not subject to paragraph (v) of this subsection;
(v)
If a general member initially employed after August 31, 2020, has a combined total of years of service credit and years of age which equals at least ninety (90).
Section 2.
This act is
effective July 1, 2020
.
(END)
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SF0108