Fireman pension plan A.

13LSO-0147.L1

FISCAL NOTE

This bill modifies benefits of the Wyoming Retirement System’s paid firemen’s pension plan A. This legislation would have a non-administrative impact of improvement to the funding status of the paid firemen’s pension plan A. The paid firemen’s plan A is a closed plan and currently has no source of contributions. 20-year projections based on the actuarial value of assets as of January 1, 2012 show an unfunded actuarial accrued liability (UAAL) of $42.3 million under current law which requires benefits to increase by at least 3% annually. A $6.5 million surplus is projected if the automatic benefit increase is eliminated under this legislation. This is a long-term projection and will vary with actual experience.  

Prepared by:   Alex Kean, LSO Phone: 777-7881 (Information provided by: Harry Wales, Wyoming Retirement System       Phone: 777-6109)