ORIGINAL HOUSE                                           

BILL   NO.  0014

 

ENROLLED ACT NO. 17,  HOUSE OF REPRESENTATIVES

 

FIFTY-SIXTH LEGISLATURE OF THE STATE OF WYOMING

2001 GENERAL SESSION

 

 

 

 

AN ACT relating to the volunteer firemen's pension fund;
establishing a cost-of-living adjustment to retirement
benefits as specified; and providing for an effective date.

 

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

 

Section 1.  W.S. 35-9-608 by creating a new subsection
(k) is amended to read:

 

35-9-608.  Benefits enumerated; death of participant
or spouse; amount and payment of contributions; withdrawal
from plan; cost-of-living adjustment.

 

(k)  Effective July 1, 2001, and each July 1
thereafter, any retirement or survivor benefit received by
eligible individuals under this article shall be adjusted
as follows:

 

(i)  Not later than July 1, the board shall
determine the percentage increase in the cost of living for
the preceding calendar year. The percentage increase in the
cost of living for a calendar year is equal to the annual
percentage increase in the cost of living as of the
immediately preceding calendar year, as shown by the
Wyoming cost-of-living index established by the division of
economic analysis, department of administration and
information;

 

(ii)  The benefits existing on each July 1 for
each eligible individual shall be increased by the
percentage increase in the cost of living as determined by
the board or by two percent (2%), whichever is the lesser
amount;

 

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(iii)  The amount of any percentage increase in
the cost of living which exceeds two percent (2%) shall be
accumulated and added to the percentage increases in the
cost of living for future years;

 

(iv)  Individuals who have been receiving
applicable benefits for at least two (2) years including
survivors who received benefits during this period either
alone or in combination with a member, are eligible for the
benefit adjustment under this subsection;

 

(v)  An increase in benefits under this
subsection is effective only upon a determination by the
actuary for the Wyoming retirement system that the increase
is actuarially sound. As required under W.S. 9-3-419(b)(v),
the system actuary shall annually report its determination
under this paragraph to the governor and the joint
appropriations interim committee; and

 

(vi)  The total benefit adjustment under this
subsection shall not exceed two percent (2%) in any one (1)
year.

 

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Section 2.  This act is effective July 1, 2001.

 

(END)

 

 

 

 

                                     

Speaker of the House                  President of the Senate

 

                                              

                 Governor                     

                                              

                 TIME APPROVED: _________     

                 DATE APPROVED: _________     

 

I hereby certify that this act originated in the House.

 

 

Chief Clerk

 

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