ORIGINAL HOUSE

BILL NO. 0074

ENROLLED ACT NO. 20, HOUSE OF REPRESENTATIVES

FIFTY-SIXTH LEGISLATURE OF THE STATE OF WYOMING

2001 GENERAL SESSION

AN ACT relating to the Wyoming retirement system;
increasing normal retirement benefits and the cost-of-
living adjustment; providing an ad hoc adjustment for
specified retirement; specifying applicability; and
providing for an effective date.

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

Section 1.  W.S. 9-3-418(a), (b)(iii) and
9-3-419(b)(intro), (ii), (iii) and (vi) are amended to
read:

9-3-418. Amount of service retirement benefit.

(a) The normal retirement benefit for a member who
first becomes covered under this article after June 30,
1981 is equal to two percent (2%) two and one-eighth
percent (2 1/8%) of the highest average salary multiplied
by his years of service credit for the first fifteen (15)
years of service credit, and two and one-fourth percent
(2 1/4%) of the highest average salary multiplied by his
years of service credit for any years of service credit
exceeding fifteen (15) years.

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(b) The retirement benefit for a member with service
after March 31, 1953 but prior to July 1, 1981 is equal to
the following:

(iii) Two percent (2%) Two and one-eighth
percent (2 1/8%) of the member's highest average salary
multiplied by his years of service credit for the first
fifteen (15) years of service credit, and two and one-
fourth percent (2 1/4%) of the member's highest average
salary multiplied by his years of service credit for any
years of service credit exceeding fifteen (15) years.

9-3-419. Retirement benefit adjustments.

(b) Effective July 1, 1999 2001 and on each July 1
thereafter, any retirement benefit, survivor benefit or
disability benefit received by eligible individuals under
this article shall be adjusted as follows:

(ii) The benefits existing on each July 1 for
each eligible individual shall be increased by the lesser
of the percentage increase in the cost of living as
determined by the board or two and one-half percent
(2 1/2%) three percent (3%);

(iii) The amount of any percentage increase in
the cost of living which exceeds two and one-half percent
(2 1/2%) three percent (3%) shall be accumulated and added
to future years' percentage increases in the cost of
living;

(vi) The total benefit adjustment under this
subsection shall not exceed two and one-half percent
(2 1/2%) three percent (3%) in any one (1) year.

Section 2.  1994 Session Laws, Chapter 67, Section
4(a) by creating a new paragraph (ix) is amended to read:

Section 4.

(a) In addition to the retirement benefit
adjustments under W.S. 9-3-419, the following
benefit increases apply to those members whose
retirement date corresponds to the applicable
dates of the increases:

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(ix) The benefit for a member whose
effective retirement date is prior to July 1,
2001 is increased by three dollars ($3.00) per
month for each year of covered service.

Section 3.  The increase to the normal retirement
benefit provided under W.S. 9-3-418 as amended under
section 1 of this act shall apply to all service credit
earned by members retiring on or after July 1, 2001, and
shall not apply to service credit earned by members
retiring prior to July 1, 2001.

Section 4.  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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