SF0084 - Retirement system-amendments 2.
|
2001 |
State of Wyoming |
01LSO-0309 |
SENATE FILE NO. SF0084
Retirement system-amendments 2.
Sponsored by: Senator(s) Job and Kinnison and
Representative(s)
Cohee and McOmie
A BILL
for
1 AN ACT relating to the
Wyoming retirement system; expanding
2 covered
employers; providing for electronic reporting by
3
employers; requiring monthly payment of employer
4
contributions; modifying interest imposed upon delinquent
5
payments and specifying location of recovery actions
6
initiated by the board; modifying requirements for the
7
purchase of prior service credits; extending time
8
requirements for the redeposit of withdrawn contributions
9
prior to retirement; and providing for an effective date.
10
11 Be It Enacted by the Legislature of the State of Wyoming:
12
13 Section 1. W.S. 9-3-402(a)(vi)(W),
9-3-409(b),
14 9-3-413 and 9-3-415(d) are amended
to read:
15
16 9-3-402. Definitions.
Page 1
1
2 (a) As used in this article:
3
4 (vi) "Employer"
or "participating employer"
5
means:
6
7 (W) Any other
political subdivision of the
8
state or local government or any organization
or entity
9 which by virtue of its organization or purpose is
10 considered by the
board to be a governmental entity and
11 receives a major
portion of its funding from taxing
12 authority
delegated by law, from federal, state or local
13 government or
from an agency or political subdivision of
14 state or local
government.
15
16 9-3-409. Retirement board; rules and
regulations;
17 powers and privileges required to perform functions;
18 requiring employers to furnish information and keep
19 records.
20
21 (b) The board shall:
22
23 (i) Regulate the duties of participating
24 employers imposed by this article; and
Page 2
1
2 (ii) Specify the
time, place, amount and manner
3 in
which contributions shall be withheld and paid; and
shall
5
6 (iii) Require
employers to furnish written
8
records necessary for the discharge of its duties under
9
this article. The board shall assist
employers in complying
10 with any
electronic reporting requirements imposed under
11 this paragraph.
12
13 9-3-413. Employer's contributions;
payable monthly;
14 transfer to account; interest imposed upon delinquent
15 contributions; recovery.
16
17 Except as provided by W.S. 9-2-1022(a)(xi)(F)(III)
or (IV),
18 each employer shall on a monthly basis, pay into the
19 account a contribution equal to five and
sixty-eight
20 hundredths percent (5.68%) of the salary
paid to each of
21 its members covered under this article and
may on a monthly
22 basis,
pay into the account any amount of the members'
23 share of retirement contributions. These Employer
24 contributions for
any month, together with the members'
Page 3
1
contributions for that month, if
any, shall be transferred
2 and to the board not
later than the twelfth day of the
3 following month. These contributions shall be
credited to
4 the
account in a manner as directed by the board. Any
5 employer failing to transfer contributions under this
6 section in sufficient time for the board to receive the
7 contributions by the twenty-fifth day of the month due
8 shall be assessed interest at the rate of eight percent
9 (8%) per annum. Interest imposed under this section shall
10 be payable not
later than the twelfth day of the next
11 succeeding month.
If the contributions and any interest
12 imposed under
this section are not transferred to the board
13 when due, they may be recovered, together
with interest at
the rate of
twelve percent (12%) per annum court
costs, in
15 an action brought for that purpose in the first judicial
16 district court in
and for the county in which the employer
has its
principal office or place of activity in
Laramie
18 County, Wyoming.
19
20 9-3-415. When retirement permitted; service credit.
21
22 (d) Any member
may elect to purchase up to five (5)
23 years of service credit for full-time
employment performed
24 for another state or political subdivision
of another
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1
state, the federal government or in Wyoming for a public
2
entity for which retirement coverage was not available. Any
3
member electing to purchase service credit shall pay into
4 the
account not later than four (4) years after
becoming a
member, a single lump-sum amount equal to the
actuarial
6 equivalent
of the benefits to be derived from the service
7 credit
computed on the basis of actuarial assumptions
8 approved
by the board and the individual's attained age and
9 average
salary for the highest three (3) continuous years
10 of covered service. The lump-sum payment required under
this subsection
shall be paid from the member's personal
funds and shall
not be paid as part of any salary, bonus or
other benefit
negotiated with the employer. Service credit
14 purchased under this paragraph subsection
shall not be used
15 to determine vested eligibility to receive
benefits under
16 this article.
17
18 Section 2. 1995 Session
Laws, Chapter 60, Section 2
19 is amended to read:
20
21 Section
2. Notwithstanding section 1 of this
22 act, any contributing member of the
Wyoming
23 retirement system as of April 1,
1995, who is
24 eligible for reestablishing service
credit under
Page 5
1 W.S. 9-3-424(a), shall
make the redeposit payment
2
required under W.S. 9-3-424(a) not later than
3
April 1, 2002 2004. Failure to make the required
4
payment on or before April 1, 2002 2004 shall
5
result in forfeiture of any right to reestablish
6
prior service credit in accordance with this act.
7
8 Section 3. This act is effective July 1, 2001.
9
10 (END)
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