Bill No.: SF0059 Drafter: DKG
LSO No.: 12LSO-0158 Effective Date: March 23, 2012
Enrolled Act No.: SEA0066
Chapter No.: CH0107
Prime Sponsor: Joint Appropriations Interim Committee
Catch Title: Public employee retirement plans benefit increases.
· Currently, the Wyoming Retirement Board determines whether a cost-of-living adjustment is appropriate for retirees in various retirement plans.
· This act repeals the Board's authority to implement a cost-of-living adjustment for most plans.
· This act provides legislative findings which determine, among other things, that as currently constructed the Wyoming retirement plans were not intended and cannot support cost-of-living and other benefit increases.
· The findings also recite the current "actuarially funded ratio" and a "market value of assets funded ratio" for each Wyoming retirement plan.
· Provides a legislative determination that the Legislature and the Board should not consider a cost-of-living adjustment until the retirement plans have achieved a specified actuarially funded ratio of 100%.
· Provides for factors to consider in a "decision matrix" in addition to actuarially funded ratios (of 100% after implementation of the increase) in determining whether to provide cost-of-living and other increases.
· Requires that the Board provide to all members information on the Wyoming retirement plan to which they belong, including that nothing in Wyoming Statutes Title 9, Chapter 3, Article 4 shall be construed to acknowledge any past, present or future liability of or obligate the state of Wyoming for contribution except the employer's contributions provided for in that article, to either the Wyoming retirement system provided by that article or any other retirement system previously existing in the state of Wyoming.
· The Board retains the authority to implement cost-of-living increases for members in the paid firemen plan A [W.S. 15-5-201 through 15-5-209].