2024 24LSO-0163
STATE OF WYOMING Working Draft
0.5
DRAFT ONLY
NOT APPROVED FOR
INTRODUCTION
HOUSE BILL NO.
Judicial retirement program-contributions.
Sponsored by: Joint Appropriations Committee
A BILL
for
1 AN ACT relating to compensation and benefits; increasing
2 the employee contribution required for employees under the
3 Wyoming Judicial Retirement Act; and providing for an
4 effective date.
5
6 Be It Enacted by the Legislature of the State of Wyoming:
7
8 Section 1. W.S. 9-3-704(a) is amended to read:
9
10 9-3-704. Employee contributions.
11
12 (a) Except as otherwise provided in this section,
13 every employee covered by this article shall pay into the
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Working Draft
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1 account nine and twenty-two one-hundredths percent (9.22%)
2 of his salary through June 30, 2024 and thereafter shall
3 pay into the account eleven and forty-seven one-hundredths
4 percent (11.47%) of his salary. To the extent this
5 contribution is not paid by the employer as authorized in
6 this section, this payment shall be deducted each pay
7 period from employees' salaries by the respective fiscal
8 officers of the employers.
9
10 ***********************************************************
11 *******************
12 STAFF COMMENT
13
14 The percentage increase in this draft (2.25%) is the
15 percentage increase necessary for the judicial retirement
16 fund to be 100% funded within 30 years (or put another way,
17 the actuarially calculated contribution shortfall for this
18 retirement fund).
19
20 For reference, the language concerning the employer-paid
21 share of the employee contribution is included below. In
22 W.S. 9-3-704(c) below, the employer may pay 5.57% of the
23 employee's contribution without offset or reduction in the
24 employee's salary.
25
26 ***********************************************************
27 *******************
28
29 (b) The entire contribution required by subsection
30 (a) of this section shall be paid by the employer for
31 employees covered under this article in order to be treated
32 as employer contributions for the sole purpose of
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1 determining tax treatment under the United States Internal
2 Revenue Code.
3
4 (c) The contributions under subsection (b) of this
5 section shall be paid from the source of funds which is
6 used in paying salary to the employee. The employer may pay
7 these contributions without offset of the employee's salary
8 in the same salary percentage as provided by state
9 employers under W.S. 9-3-412(c). The employer shall also
10 reduce the cash salary of the employee by three and sixty-
11 five hundredths percent (3.65%).
12
13 Section 2. This act is effective July 1, 2024.
14
15 (END)
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Statutes affected:
24LSO-0163 v0.5: 9-3-704