HB0014 - Volunteer firemen's pension fund-COLA.

 

2001

State of Wyoming

01LSO-0239

 

 

 

HOUSE BILL NO.  HB0014

 

 

Volunteer firemen's pension fund-COLA.

 

Sponsored by:  Representative(s) Hageman

 

 

A BILL

 

for

 

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

 4 

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

 6 

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

 9 

10        35-9-608.  Benefits enumerated; death of participant
11  or spouse; amount and payment of contributions; withdrawal
12  from plan; cost-of-living adjustment.

13 

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

 

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 1 

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

11 

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

17 

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

22 

23            (iv)  Individuals who have been receiving
24  applicable benefits for at least two (2) years including

 

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 1  survivors who received benefits during this period either
 2  alone or in combination with a member, are eligible for the
 3  benefit adjustment under this subsection;

 4 

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

12 

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

16 

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

18 

19                      (END)

 

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