The bill amends the Wyoming Judicial Retirement Act to increase the employee contribution rate for retirement benefits. Specifically, it changes the contribution from nine and twenty-two one-hundredths percent (9.22%) of an employee's salary to eleven and forty-seven one-hundredths percent (11.47%) starting July 1, 2024. This adjustment is intended to ensure that the judicial retirement fund is fully funded within 30 years, addressing an actuarial shortfall.

Additionally, the bill clarifies that the employer may cover a portion of the employee's contribution, specifically up to 5.57%, without affecting the employee's salary. The effective date for this change is set for July 1, 2024. Overall, the bill aims to strengthen the financial stability of the judicial retirement system by increasing employee contributions and providing guidelines for employer contributions.

Statutes affected:
24LSO-0163 v0.5: 9-3-704