Wyoming Retirement Act.

12LSO-0109.L1

 

 

                                                         

FISCAL NOTE

 

This bill modifies benefits and requirements for benefits of the Wyoming Retirement System's Public employee plan for employees initially hired after August 31, 2012.

 

Under this bill, retirement benefits for public employees initially hired after August 31, 2012 would be based on the following parameters:

 

 

This legislation would have a non-administrative impact of gradual long-term improvement to the funding status of the Public Employee Plan.  Actuarial projections over 30 years estimate the Public Employee Plan would be 77.2% funded without this change versus 87.6% funded with the change. This is a long-term projection and will vary with actual experience.

 

 

 

 

 

 

 

 

 

NOTICE-AGENCY ESTIMATE OF ADMINISTRATIVE IMPACT REQUESTED

 

This bill has administrative impact that appears to increase (or decrease) duties or responsibilities of one or more state agencies and may impact agency spending or staffing requirements. As introduced, the bill does not modify any state agency budget or current personnel authorizations.

The following state agencies will be asked to provide their estimate of the administrative fiscal impact prior to the first committee meeting held to consider the bill:

 

Wyoming Retirement System

 

 

 

 

 

 

 

Prepared by:   Dean Temte, LSO  Phone: 777-7881

(Information provided by Polly Scott / Harry Wales, WRS; 777-3326 / 777-6109)