Judicial retirement program-contributions.

Plain English Breakdown

The bill summary does not provide specific details about the reduction in cash salary for employees beyond June 30, 2024.

Judicial Retirement Program Employee Contributions

This act increases employee contributions to the Wyoming Judicial Retirement Act and adjusts employer contribution rates, effective July 1, 2024.

What This Bill Does

• Increases the percentage of salary that employees must contribute to their retirement plan from 9.22% to 11.47%, starting on July 1, 2024.
• Adjusts the employer contribution rate for covering employee contributions from 5.57% to 7.47% of an employee's salary, also effective July 1, 2024.
• Appropriates $420,000 from the general fund for the Wyoming Supreme Court to help pay the increase in employee contribution rates.

Who It Names or Affects

• Employees covered under the Wyoming Judicial Retirement Act
• Employers who contribute to the judicial retirement plan

Terms To Know

Employee Contribution

The amount of money that employees must pay into their retirement fund.

Employer Contribution

The portion of employee contributions paid by the employer to help cover costs.

Limits and Unknowns

• This act only affects those covered under the Wyoming Judicial Retirement Act.
• It does not specify what happens if employers do not fully cover their share of the increased contribution rates.

Official Summary Text

Bill Summary - 24LSO-0163

Bill No.:

SF0049

Effective:

7/1/2024

LSO No.:

24LSO-0163

Enrolled Act No.:

SEA No. 0013

Chapter No.:

46

Prime Sponsor:

Joint Appropriations Committee

Catch Title:

Judicial retirement program-contributions.

Has Report:

No

Subject:

Increasing the employer and employee contributions for the judicial retirement plan.

Summary/Major Elements:

This act increases the employee contributions that are required for employees who are covered under the Wyoming Judicial Retirement Act. Beginning July 1, 2024, employees must pay eleven and forty-seven one-hundredths percent (11.47%) of their salary as the employee contribution, an increase of two and twenty-five one-hundredths percent (2.25%).

The act amends a provision of current law that allows the employer to pay the employees' contribution to increase the salary percentage that the employer may pay on behalf of the employee contribution. The percentage is increased in this act from five and fifty-seven hundredths percent (5.57%) to seven and forty-seven hundredths percent (7.47%). Assuming that the employer covers this increased percentage, the net employee contribution increase as a result of this act is thirty-five hundredths percent (0.35%) of salary.

The act appropriates funds to the Wyoming Supreme Court for purposes of paying the appropriate share of the increase in employee contribution rates for employees covered under the Wyoming Judicial Retirement Act.

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

24LSO-0163

ORIGINAL Senate

File No
.
SF0049

ENROLLED ACT NO. 13,

SENATE

SIXTY-SEVENTH LEGISLATURE OF THE STATE OF WYOMING
2024 Budget Session

AN ACT relating to compensation and benefits; increasing the employee contribution required for employees under the Wyoming Judicial Retirement Act; providing an appropriation; and providing for an effective date.

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

Section 1
.

W.S. 9
‑
3
‑
704(a) and (c) is amended to read:

9
‑
3
‑
704.

Employee contributions.

(a)

Except as otherwise provided in this section, every employee covered by this article shall pay into the account nine and twenty
‑
two one
‑
hundredths percent (9.22%) of his salary
through June 30, 2024 and thereafter shall pay into the account eleven and forty
‑
seven one
‑
hundredths percent (11.47%) of his salary
.

To the extent this contribution is not paid by the employer as authorized in this section, this payment shall be deducted each pay period from employees' salaries by the respective fiscal officers of the employers.

(c)

The contributions under subsection (b) of this section shall be paid from the source of funds which is used in paying salary to the employee. The employer may pay these contributions without offset of the employee's salary in the same salary percentage as provided by state employers under

W.S. 9
‑
3
‑
412(c)
through June 30, 2024
.
Thereafter the employer may pay these contributions without offset of the employee's salary in a salary percentage not to exceed seven and forty
‑
seven hundredths percent (7.47%).
The employer shall also reduce the cash salary of the employee by three and sixty
‑
five hundredths percent (3.65%)
through June 30, 2024
.
Thereafter the employer shall reduce the cash salary of the employee by four percent (4.00%).

Section 2
.

There is appropriated four hundred twenty thousand dollars ($420,000.00) from the general fund to the supreme court for purposes of paying the appropriate share of the increase in the contribution rates required by W.S. 9
‑
3
‑
704(a) and (c), as amended by section 1 of this act. This appropriation shall not be transferred or expended for any other purpose. Any unexpended, unobligated funds remaining from this appropriation shall revert as provided by law on June 30, 2026. It is the intent of the legislature that this appropriation be included in the supreme court's and each district court's standard budget request for the immediately succeeding fiscal biennium.

Section 3
.

This act is effective July 1, 2024
.

(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