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: Senator(s) Massie and Representative(s)
Burns and Rose
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authorizing redeposit payments for withdrawn contributions;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21 employment; redeposit of withdrawn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