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SF0124 • 2020
Early retirement discount factor.
AN ACT relating to retirement; amending early retirement discount factors; repealing a conflicting provision; and providing for an effective date.
Budget
Labor
Did Not Pass
The latest official action shows that this bill did not move forward in that session.
- Sponsor
- Appropriations
- Last action
- 2020-03-10
- Official status
- inactive
- Effective date
- 3/1/2020
Plain English Breakdown
Checked against official source text during the last sync.
Early Retirement Discount Factor Act
The bill amends the discount factors for early retirement benefits and removes a conflicting provision.
What This Bill Does
- Amends the rules for calculating early retirement benefits for general members who started working after August 31, 2012.
- Sets a minimum reduction of seven percent (7%) per year before normal retirement age for all types of early retirement benefits.
- Repeals an old law that conflicts with these new changes.
Who It Names or Affects
- Current and future employees who are eligible for early retirement under the Wyoming Retirement System.
Terms To Know
- Actuarial Equivalent
- A method used to calculate a benefit amount that is equivalent in value to another benefit amount, considering factors like age and years of service.
- Discount Factor
- The percentage by which an early retirement benefit is reduced compared to the full normal retirement benefit.
Limits and Unknowns
- This bill did not pass in its session.
- It does not specify how many people will be affected or what the exact financial impact would be.
Amendments
These notes stay tied to the official amendment files and metadata from the legislature.
Plain English: The amendment removes references to amending early retirement discount factors, deletes specific sections of the bill text, and renumbers remaining sections.
- Removes language about amending early retirement discount factors from the bill's title.
- Deletes lines and pages that contain details about early retirement discount factors.
- Reorganizes the numbering of remaining sections in the bill.
- The amendment does not provide specific new content or rules, only structural changes to the bill.
Bill History
-
2020-03-10
House
H Did Not Consider for Introduction
-
2020-02-24
House
H Received for Introduction
-
2020-02-24
Senate
S 3rd Reading:Passed 30-0-0-0-0
-
2020-02-21
Senate
S 2nd Reading:Passed
-
2020-02-20
Senate
S COW:Passed
-
2020-02-14
Senate
S Placed on General File
-
2020-02-14
Senate
S02 - Appropriations:Recommend Do Pass 5-0-0-0-0
-
2020-02-13
Senate
S Introduced and Referred to S02 - Appropriations 29-1-0-0-0
-
2020-02-12
Senate
S Received for Introduction
-
2020-02-11
LSO
Bill Number Assigned
Current Bill Text
Read the full stored bill text
20LSO-0475
2020
STATE OF WYOMING
20LSO-0475
Numbered
2.0
SENATE FILE NO. SF0124
Early retirement discount factor.
Sponsored by: Joint Appropriations Committee
A BILL
for
AN ACT relating to retirement; amending early retirement discount factors; repealing a conflicting provision; and providing for an effective date.
Be It Enacted by the Legislature of the State of Wyoming:
Section 1.
W.S. 9
‑
3
‑
415(b) and (k), 9
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3
‑
431(d) and 9
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3
‑
432(f) are amended to read:
9
‑
3
‑
415.
When retirement permitted; service credit.
(b)
Except as provided under W.S. 9
‑
3
‑
432 or subsection (k) of this section, early retirement benefits
are payable to a member who has at least four (4) years of service and is at least fifty (50) but not yet sixty (60) years of age or has at least twenty
‑
five (25) years of service and is not yet fifty (50) years of age. The early retirement benefit amount is equal to the normal retirement benefit amount otherwise payable reduced on an actuarial equivalent basis under rules established by the board
, provided that the reduction shall not be less than seven percent (7%) for each year of retirement prior to the age the member would be eligible for normal retirement
.
(k)
For a general member initially employed after August 31, 2012, early retirement benefits are payable to a general member who has at least four (4) years of service and is at least fifty
‑
five (55) but not yet sixty
‑
five (65) years of age or has at least twenty
‑
five (25) years of service and is not yet fifty
‑
five (55) years of age. The early retirement benefit amount is equal to the normal retirement benefit amount otherwise payable reduced on an actuarial equivalent basis under rules established by the board
, provided that the reduction shall not be less than
seven percent (7%) for each year of retirement prior to the age the member would be eligible for normal retirement
.
9
‑
3
‑
431.
Firefighter members; contributions; benefit eligibility; service and disability retirement benefits; termination of benefits upon failure to make timely contribution payments.
(d)
The early retirement benefit amount payable under subsection (c) of this section is equal to the normal retirement benefit amount payable under subsection (b) of this section reduced to an actuarial equivalent amount as prescribed by rule and regulation of the board
, provided that the reduction shall not be less than seven percent (7%) for each year of retirement prior to the age the member would be eligible for normal retirement
.
9
‑
3
‑
432.
Law enforcement officers; contributions; benefit eligibility; service and disability benefits; death benefits; benefit options.
(f)
The early retirement benefit payable under subsection (d) of this section is equal to the normal retirement benefit payable under subsection (e) of this section reduced to an actuarial equivalent amount as prescribed by rule and regulation of the board
, provided that the reduction shall not be less than seven percent (7%) for each year of retirement prior to the age the member would be eligible for normal retirement
.
Section 2.
1990 Wyoming Session Laws, Chapter 31, Section 2 is repealed.
Section 3
.
This act is effective October 1, 2021
.
(END)
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SF0124