Bill No.:                     HB0250                                 Drafter:  DKG

 

LSO No.:                   13LSO-0408                         Effective Date:  7/1/2013

 

Enrolled Act No.:    HEA0103

 

Chapter No.:            CH0203

 

Prime Sponsor:       House Appropriations Committee

 

Catch Title:              Public employee retirement plans.

 

Subject:                     Increases in contribution rates to various public employee retirement plans.

 

Summary/Major Elements:

·        This Act increases the employee and employer contribution rates in three public employee retirement plans.

·        For the plan which includes state and local employees, school employees and numerous other groups (often referred to as the “big plan”):

o   An increased contribution of one-half percent of salary is imposed commencing September 1, 2013.  For three years, for state employees, the state will pay half of this increase.  Thereafter, the employee will pay the full one-half percent increase, assuming no further legislative action.

o   An increase in employer contribution of one-half percent of salary is imposed commencing September 1, 2014.

·        For the Wyoming state highway patrol, game and fish warden and criminal investigator retirement plan:

o   An increased contribution of nine-tenths percent of salary is imposed commencing September 1, 2013.  For three years, for state employees, the state will pay half of this increase.

o   An increase in employer contribution of nine-tenths percent of salary is imposed commencing September 1, 2014.

·        For the “fireman B” plan an employee contribution increase of .225% is imposed commencing September 1.  (The employer contribution for this plan is calculated based upon the liabilities of the plan and thus a corresponding employer increase was not specified in the Act.)

·        Provides various appropriations for the employer-paid share of the employee contribution increases.

Comments:  

·          The employee contribution increases are effective September 1, 2013.  The employer increases are effective September 1, 2014.