HB0074 - Retirement system-amendments.
|
2001 |
State of Wyoming |
01LSO-0307 |
HOUSE BILL NO. HB0074
Retirement system-amendments.
Sponsored by: Representative(s) McOmie, Cohee and Johnson,
L.
A BILL
for
1 AN ACT relating to the
Wyoming retirement system;
2
increasing normal retirement benefits and the cost-of-
3 living
adjustment; providing an ad hoc adjustment for
4
specified retirement; specifying applicability; and
5
providing for an effective date.
6
7 Be It Enacted by the Legislature of the State of Wyoming:
8
9 Section
1. W.S.
9-3-418(a), (b)(iii) and
10 9-3-419(b)(intro), (ii), (iii) and
(vi) are amended to
11 read:
12
13 9-3-418. Amount of service retirement benefit.
14
15 (a) The normal
retirement benefit for a member who
16 first becomes covered under this article
after June 30,
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1
1981 is equal to two percent (2%) two and one-eighth
2 percent (2 1/8%) of
the highest average salary multiplied
3 by
his years of service credit for the first fifteen
(15)
4 years of service credit, and two and one-fourth percent
5 (2 1/4%) of the highest average salary multiplied by his
6 years of service credit for any years of service credit
7 exceeding fifteen (15) years.
8
9 (b) The
retirement benefit for a member with service
10 after March 31, 1953 but prior to July 1,
1981 is equal to
11 the following:
12
13 (iii) Two percent (2%) Two and one-eighth
14 percent
(2 1/8%) of the member's highest average salary
15 multiplied by his years of service credit for the first
16 fifteen (15)
years of service credit, and two and one-
17 fourth percent
(2 1/4%) of the member's highest average
18 salary multiplied
by his years of service credit for any
19 years of service
credit exceeding fifteen (15) years.
20
21 9-3-419. Retirement benefit adjustments.
22
23 (b) Effective
July 1, 1999 2001
and on each July 1
24 thereafter, any retirement benefit, survivor
benefit or
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1
disability benefit received by eligible individuals under
2
this article shall be adjusted as follows:
3
4 (ii) The benefits
existing on each July 1 for
5
each eligible individual shall be increased by the lesser
6 of
the percentage increase in the cost of living as
7
determined by the board or two and one-half
percent
(2 1/2%) three
percent (3%);
9
10 (iii) The amount
of any percentage increase in
11 the cost of living which exceeds two and one-half percent
(2 1/2%) three percent (3%) shall be accumulated and added
13 to future years' percentage increases in the
cost of
14 living;
15
16 (vi) The total
benefit adjustment under this
17 subsection shall not exceed two and one-half percent
(2 1/2%) three percent (3%) in any one (1) year.
19
20 Section
2. 1994 Session Laws, Chapter 67, Section
21 4(a) by creating a new paragraph (ix) is
amended to read:
22
23 Section 4.
24
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1 (a) In addition
to the retirement benefit
2
adjustments under W.S. 9-3-419, the following
3
benefit increases apply to those members whose
4
retirement date corresponds to the applicable
5 dates
of the increases:
6
7 (ix) The benefit for a
member whose
8 effective retirement date is prior to
July 1,
9 2001 is increased by three dollars
($3.00) per
10 month
for each year of covered service.
11
12 Section 3. The increase to the
normal retirement
13 benefit provided under W.S. 9-3-418 as
amended under
14 section 1 of this act shall apply to all
service credit
15 earned by members retiring on or after July
1, 2001, and
16 shall not apply to service credit earned by
members
17 retiring prior to July 1, 2001.
18
19 Section 4. This act is effective July 1, 2001.
20
21 (END)
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