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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