SF0026 - State law enforcement retirement-amendments.
2001 |
State of Wyoming |
01LSO-0046 |
SENATE FILE NO. SF0026
State law enforcement retirement-amendments.
Sponsored by: Senator(s) Massie and Representative(s)
Burns and Rose
A BILL
for
1 AN ACT relating to the
Wyoming State Highway Patrol, Game
2 and
Fish Warden and Criminal Investigator Retirement Act;
3
defining terms; clarifying contribution refunds;
4
authorizing redeposit payments for withdrawn contributions;
5
providing for the purchase of service credits; providing
6 for
the designation of a custodian for retirement monies;
7
specifying application to existing employees; and providing
8 for
an effective date.
9
10 Be It Enacted by the Legislature of the State of Wyoming:
11
12 Section 1. W.S. 9-3-602(a) by creating new paragraphs
13 (xiv) and (xv) and by amending and
renumbering (xiv) as
14 (xvi), 9-3-617 and 9-3-618 are
amended to read:
15
16 9-3-602. Definitions.
Page 1
1
2 (a) As used in this article:
3
4 (xiv) "Service
credit" means the credit earned
5 by an employee for benefits and
benefits payable under the
6 retirement program. Service credit is
earned on the basis
7 of actual years of employment for an
employer subject to
8 this article under rules adopted by
the board under W.S.
9 9-3-609;
10
11 (xv) "Public law enforcement agency" means a
12 public
agency having police power, charged with enforcing
13 state
criminal statutes or municipal ordinances and
14 employing
law enforcement personnel qualified pursuant to
15 W.S.
9-1-701 through 9-1-707;
16
17 (xiv)(xvi) "This
act" or "this article"
means
18 W.S. 9-3-602 9-3-601 through 9-3-620.
19
20 9-3-617. Refund of contributions upon
termination of
21 employment; redeposit of withdrawn contributions; purchase
22 of service credits.
23
Page 2
1 (a) Except as provided
in subsection (c) of this
2 section, any employee
covered by this article who
3
terminates his employment and elects not to continue to be
4
covered by the retirement program is entitled to a refund
5 of
his contributions together with the regular rate of
6
interest specified by the retirement board. Refunds
may be
7 made only upon written request to the board. Any employee
8 who withdraws from the retirement program under this
9 subsection shall forfeit all rights to further benefits,
10 employer
contributions and service credit under this
11 article.
12
13 (b) Any employee who later returns to service covered
14 under
this article may redeposit the amount of the
15 contributions
withdrawn, in lump sum, together with regular
16 interest,
and upon earning not less than two (2) years
17 service
credit, may reestablish his service credits as of
18 the
time of withdrawal of his contributions. Any redeposit
19 payment
pursuant to this subsection shall be made not later
20 than
seven (7) years following the date of reemployment or
21 prior
to retirement, whichever first occurs.
22
Page 3
1 (c) No employee is
entitled to a refund of any
2 contributions if he is employed for a
salary by an employer
3 subject to this article.
4
5 (d) Any employee may
elect to purchase up to five (5)
6 years of service credit for full-time
employment in law
7 enforcement which is performed for
another state or
8 political subdivision of another
state, the federal
9 government or for any public law
enforcement agency in
10 Wyoming
if the employee does not vest in any retirement
11 plan
of the agency for which the prior service being
12 purchased
was earned. Any employee electing to purchase
13 service
credit shall pay into the account not later than
14 four
(4) years after becoming covered under this article, a
15 single
lump-sum amount equal to the actuarial equivalent of
16 the
benefits to be derived from the service credit computed
17 on
the basis of actuarial assumptions approved by the board
18 and
the individual's attained age and average salary for
19 the
highest three (3) continuous years of covered service.
20 The
lump-sum payment required under this subsection shall
21 be
paid from the employee's personal funds and shall not be
22 paid
as part of any salary, bonus or other benefit
23 negotiated
with the employer. Service credit purchased
Page 4
1 under this subsection shall not be used to determine vested
2 eligibility to receive benefits under
this article.
3
4 9-3-618. Disposition of funds;
designated custodian
5 of monies.
6
7
Funds accruing to the retirement program under this article
8
shall be commingled with all money on deposit with the
9
state treasurer in the Wyoming retirement fund. The board
10 may designate the
state treasurer is or a custodial bank
11 approved by the
state treasurer as the custodian of the
12 monies and shall administer them in
accordance with W.S.
13 9-3-424.
14
16
17 (a) Notwithstanding
W.S. 9-3-617(b), as amended under
18 Section 1 of this act, any contributing
member of the
19 Wyoming State Highway Patrol, Game and Fish
Warden and
20 Criminal Investigator Retirement Act as of
July 1, 2001,
21 who is eligible for reestablishing service
credit under
22 W.S. 9-3-617(b), shall make the redeposit
payment required
23 by W.S. 9-3-617(b) not later than July 1,
2008. Failure to
24 make the required payment on or before July
1, 2008, shall
Page 5
1
result in forfeiture of any right to reestablish service
2
credit in accordance with W.S. 9-3-617(b).
3
4 (b) Notwithstanding W.S. 9-3-617(d),
as amended under
5
Section 1 of this act, any contributing member of the
6
Wyoming State Highway Patrol, Game and Fish Warden and
7
Criminal Investigator Retirement Act as of July 1, 2001,
8 who
is eligible to purchase service credit under W.S.
9 9-3-617(d),
shall make the payment required under W.S.
10 9-3-617(d) not later than July 1, 2005.
Failure to make the
11 required payment on or before July 1, 2005,
shall result in
12 forfeiture of any right to purchase prior
service credit in
13 accordance with W.S. 9-3-617(d).
14
15 Section 3. This act is effective July 1, 2001.
16
17 (END)
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