2024 24LSO-0161
STATE OF WYOMING Working Draft
0.5
DRAFT ONLY
NOT APPROVED FOR
INTRODUCTION
HOUSE BILL NO.
Law enforcement retirement-contributions.
Sponsored by: Joint Appropriations Committee
A BILL
for
1 AN ACT relating to compensation and benefits; increasing
2 employee and employer contributions for law enforcement
3 officers under the Wyoming Retirement Act; and providing
4 for an effective date.
5
6 Be It Enacted by the Legislature of the State of Wyoming:
7
8 Section 1. W.S. 9-3-432(a) and (b) is amended to
9 read:
10
11 9-3-432. Law enforcement officers; contributions;
12 benefit eligibility; service and disability benefits; death
13 benefits; benefit options.
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2 (a) Each law enforcement officer shall pay into the
3 account eight and six-tenths percent (8.6%) of his salary
4 through June 30, 2024 and thereafter eleven and one-tenth
5 percent (11.1%) of his salary to fund benefits provided to
6 law enforcement officers. Any contribution required under
7 this subsection or subsection (b) of this section shall be
8 paid by the employer from the source of funds used to pay
9 officer salaries in order to be treated as employer
10 contributions for the sole purpose of determining tax
11 treatment under the United States Internal Revenue Code, §
12 414(h). These payments by the employer are subject to W.S.
13 9-3-412(c).
14
15 (b) Each employer of a law enforcement officer
16 covered under this article shall pay into the account a
17 contribution equal to eight and six-tenths percent (8.6%)
18 of the salary paid through June 30, 2024 and thereafter
19 eleven and one-tenth percent (11.1%) of the salary paid to
20 each of its law enforcement officers covered under this
21 article and may pay into the account any amount of the
22 officer's share of contributions under subsection (a) of
23 this section. Payments under this subsection shall be made
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1 monthly to the account in accordance with W.S. 9-3-413 and
2 are subject to the penalties imposed under W.S. 9-3-413 for
3 delinquent contributions. No additional contribution shall
4 be imposed upon the state, any city, town or county for
5 benefits provided law enforcement officers under this
6 article.
7
8 ***********************************************************
9 *******************
10 STAFF COMMENT
11
12 The percentage necessary for the law-enforcement retirement
13 plan to be 100% funded in 30 years (in other words, the
14 actuarially calculated contribution shortfall) is 6.21%.
15 (This percentage would result in a total contribution rate
16 of 11.71% by the employer and 11.71% by the employee if the
17 shortfall is split equally between the employer and
18 employee.)
19
20 In light of the Committee's discussion at the July meeting,
21 the provisions regarding to retirement eligibility and
22 timing are included below for reference.
23
24 ***********************************************************
25 *******************
26
27 (c) Normal retirement benefits are payable under this
28 section to any law enforcement officer who:
29
30 (i) Has at least four (4) years of service
31 credit as a law enforcement officer and is at least sixty
32 (60) years of age; or
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2 (ii) Has at least twenty (20) years of service
3 credit as a law enforcement officer regardless of age.
4
5 (d) Early retirement benefits are payable to any law
6 enforcement officer who has at least four (4) years but
7 less than twenty (20) years of service credit and is at
8 least fifty (50) years of age.
9
10 (e) The normal retirement benefit for a law
11 enforcement officer under this section is equal to two and
12 one-half percent (2.5%) of the highest average salary
13 multiplied by the years of the officer's service credit, as
14 determined under W.S. 9-3-417. The benefit under this
15 subsection shall not exceed seventy-five percent (75%) of
16 the officer's highest average salary. Notwithstanding W.S.
17 9-3-402(a)(xix), "highest average salary" as used in this
18 section means the average annual salary of a law
19 enforcement officer for the highest paid five (5)
20 continuous years of service.
21
22 (f) The early retirement benefit payable under
23 subsection (d) of this section is equal to the normal
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1 retirement benefit payable under subsection (e) of this
2 section reduced to an actuarial equivalent amount as
3 prescribed by rule and regulation of the board.
4
5 Section 2. This act is effective July 1, 2024.
6
7 (END)
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Statutes affected:
24LSO-0161 v0.5: 9-3-432