SF0026 - State law enforcement retirement-amendments.

 

2001

State of Wyoming

01LSO-0046.E1

ENGROSSED

 

 

 

SENATE FILE NO.  SF0026

 

 

State law enforcement retirement-amendments.

 

Sponsored by:

 

 

A BILL

 

for

 

 1  AN ACT relating to the Wyoming State Highway Patrol, Game
 2  and Fish Warden and Criminal Investigator Retirement Act;
 3  defining terms; clarifying contribution refunds;
 4  authorizing redeposit payments for withdrawn contributions;
 5  providing for the purchase of service credits; providing
 6  for the designation of a custodian for retirement monies;
 7  specifying application to existing employees; and providing
 8  for an effective date.

 9 

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

11 

12         Section 1.  W.S. 9-3-602(a) by creating new paragraphs
13  (xiv) and (xv) and by amending and renumbering (xiv) as
14  (xvi), 9-3-617 and 9-3-618 are amended to read:

15 

16         9-3-602.  Definitions.

 

Page  1

 

 

 

 1 

 2         (a)  As used in this article:

 3 

 4              (xiv)  "Service credit" means the credit earned
 5  by an employee for benefits and benefits payable under the
 6  retirement program. Service credit is earned on the basis
 7  of actual years of employment for an employer subject to
 8  this article under rules adopted by the board under W.S.
 9  9-3-609;

10 

11              (xv)  "Public law enforcement agency" means a
12  public agency having police power, charged with enforcing
13  state criminal statutes or municipal ordinances and
14  employing law enforcement personnel qualified pursuant to
15  W.S. 9-1-701 through 9-1-707;

16 

17              (xiv)(xvi)  "This act" or "this article" means
18  W.S. 9-3-602 9-3-601 through 9-3-620.

19 

20         9-3-617.  Refund of contributions upon termination of
21  employment; redeposit of withdrawn contributions; purchase
22  of service credits.

23 

 

Page  2

 

 

 

 1         (a)  Except as provided in subsection (c) of this
 2  section, any employee covered by this article who
 3  terminates his employment and elects not to continue to be
 4  covered by the retirement program is entitled to a refund
 5  of his contributions together with the regular rate of
 6  interest specified by the retirement board. Refunds may be
 7  made only upon written request to the board. Any employee
 8  who withdraws from the retirement program under this
 9  subsection shall forfeit all rights to further benefits,
10  employer contributions and service credit under this
11  article.

12 

13         (b)  Any employee who later returns to service covered
14  under this article may redeposit the amount of the
15  contributions withdrawn, in lump sum, together with regular
16  interest, and upon earning not less than two (2) years
17  service credit, may reestablish his service credits as of
18  the time of withdrawal of his contributions. Any redeposit
19  payment pursuant to this subsection shall be made not later
20  than seven (7) years following the date of reemployment or
21  prior to retirement, whichever first occurs.

22 

 

Page  3

 

 

 

 1         (c)  No employee is entitled to a refund of any
 2  contributions if he is employed for a salary by an employer
 3  subject to this article.

 4 

 5         (d)  Any employee may elect to purchase up to five (5)
 6  years of service credit for full-time employment in law
 7  enforcement which is performed for another state or
 8  political subdivision of another state, the federal
 9  government or for any public law enforcement agency in
10  Wyoming if the employee does not vest in any retirement
11  plan of the agency for which the prior service being
12  purchased was earned. Any employee electing to purchase
13  service credit shall pay into the account a single lump-sum
14  amount equal to the actuarial equivalent of the benefits to
15  be derived from the service credit computed on the basis of
16  actuarial assumptions approved by the board and the
17  individual's attained age and average salary for the
18  highest three (3) continuous years of covered service. The
19  lump-sum payment required under this subsection shall be
20  paid from the employee's personal funds and shall not be
21  paid as part of any salary, bonus or other benefit
22  negotiated with the employer. Service credit purchased
23  under this subsection shall not be used to determine vested
24  eligibility to receive benefits under this article.

 

Page  4

 

 

 

 1 

 2         9-3-618.  Disposition of funds; designated custodian
 3  of monies.

 4 

 5  Funds accruing to the retirement program under this article
 6  shall be commingled with all money on deposit with the
 7  state treasurer in the Wyoming retirement fund. The board
 8  may designate the state treasurer is or a custodial bank
 9  approved by the state treasurer as the custodian of the
10  monies and shall administer them in accordance with W.S.
11  9-3-424.

12 

13         Section 2.  Notwithstanding W.S. 9-3-617(b), as
14  amended under Section 1 of this act, any contributing
15  member of the Wyoming State Highway Patrol, Game and Fish
16  Warden and Criminal Investigator Retirement Act as of July
17  1, 2001, who is eligible for reestablishing service credit
18  under W.S. 9-3-617(b), shall make the redeposit payment
19  required by W.S. 9-3-617(b) not later than July 1, 2008.
20  Failure to make the required payment on or before July 1,
21  2008, shall result in forfeiture of any right to
22  reestablish service credit in accordance with W.S.
23  9-3-617(b).

24 

 

Page  5

 

 

 

 1         Section 3.  This act is effective July 1, 2001.

 2 

 3                         (END)

 

Page  6