Bill No.: SF0097 Drafter: DKG
LSO No.: 12LSO-0109 Effective Date: July 1, 2012
Enrolled Act No.: SEA0041
Chapter No.: CH0108
Prime Sponsor: Senator Von Flatern
Catch Title: Wyoming Retirement Act.
Subject: Modifications to benefits under the Wyoming retirement act.
Summary/Major Elements:
· The Wyoming retirement board administers a number of retirement plans. This act affects only the "big plan" (i.e., the plan covering most state and numerous other public employees, but excluding plans for law enforcement, firefighters, judiciary and emergency medical technicians.)
· For the general members of the "big plan" hired on or after September 1, 2012, this act modifies three benefit related provisions:
· The calculation used for retirement benefits will be the highest five-year average rather than highest three years;
· The age to qualify for nonreduced benefits is raised from 60 to 65;
· The percentage multiplier used in the calculation for benefits (highest average salary x years of service x the multiplier) is reduced from 2.125% for the first 15 years of service and 2.25% for years thereafter, to 2% for all years.
· A definition of newly hired employee, which addresses rehire and other situations, is provided.