Bill Summary – FastDemocracy

2024                                                           24LSO-0162
                              STATE OF WYOMING                   Working Draft
                                                                           0.5
                                DRAFT ONLY
                             NOT APPROVED FOR
                               INTRODUCTION
                                 HOUSE BILL NO.
     Patrol, warden and investigator retirement-contributions.
     Sponsored by: Joint Appropriations Committee
                                      A BILL
                                        for
 1   AN ACT relating to compensation and benefits; increasing
 2   employee contributions under the Wyoming State Highway
 3   Patrol,    Game and Fish Warden and Criminal Investigator
 4   Retirement Act; striking archaic provisions; and providing
 5   for an effective date.
 6
 7   Be It Enacted by the Legislature of the State of Wyoming:
 8
 9          Section 1. W.S. 9-3-604(a) is amended to read:
10
11          9-3-604.   Employee contributions.
12
                                         1                       [Bill Number]
     2024                          STATE OF WYOMING                     24LSO-0162
                                                                     Working Draft
                                                                               0.5
 1          (a)    Except as    otherwise provided in    this section,
 2   Every employee covered by this article shall pay into the
 3   fund thirteen and fifty-four hundredths percent (13.54%) of
 4   his salary from September 1, 2013 through June 30, 2014,
 5   and thereafter fourteen and fifty-six hundredths percent
 6   (14.56%) of his salary from July 1, 2014 through June 30,
 7   2024    and thereafter eighteen and ninety-two hundredths
 8   percent (18.92%). For the period from September 1, 2013
 9   through June 30, 2014 forty-five hundredths percent (.45%),
10   for the period from July 1, 2014 through June 30, 2016
11   ninety-six hundredths percent   (.96%)    and for the period
12   from July    1,     2016    through June     30,    2017,        fifty-one
13   hundredths percent (.51%) salary contribution required by
14   this subsection shall be paid by the employer on behalf of
15   the member. To the extent the remaining amount is not paid
16   by an employer on behalf of the member, this payment shall
17   be deducted each pay period from employees' salaries by the
18   respective chief fiscal officers of the employers.
19
20   ***********************************************************
21                       *******************
22                          STAFF COMMENT
23
24   The percentage increase in this draft (4.36%) is the
25   percentage increase necessary for the warden retirement
26   fund to be 100% funded within 30 years (or put another way,
                                         2                               [Bill Number]
     2024                        STATE OF WYOMING                          24LSO-0162
                                                                        Working Draft
                                                                                  0.5
 1   the actuarially calculated contribution shortfall for this
 2   retirement fund).
 3
 4   For reference, the language concerning the employer-paid
 5   share of the employee contribution is included below. If
 6   the Committee wishes for the employee to be responsible for
 7   the increase in W.S. 9-3-604(a), an amendment to W.S. 9-3-
 8   604(c)(ii) would be required.
 9
10   ***********************************************************
11                       *******************
12
13          (c)    The contributions under subsection     (b) of this
14   section shall be paid from the source of funds which is
15   used in paying salary to the employee. The employer may pay
16   these contributions by a reduction in cash salary of the
17   employee or by an offset against a future salary increase,
18   or by a combination of a reduction in salary and an offset
19   against a future salary increase, provided:
20
21                 (i)    No such salary reduction or      offset,       or
22   combination thereof,       shall exceed the percentage amount
23   actually being deducted from an    employee's salary for
24   contributions to the retirement program; and
25
26                 (ii)    Except as        otherwise provided in     this
27   paragraph, any employer may pay any amount of an employee's
28   share of     retirement contributions without     a salary
                                            3                             [Bill Number]
     2024                       STATE OF WYOMING                     24LSO-0162
                                                                  Working Draft
                                                                            0.5
 1   reduction or offset, or combination thereof. For the period
 2   from July 1, 2012 through June 30, 2014, at least one and
 3   sixty-two hundredths percent (1.62%), for the period from
 4   July 1, 2014 through June 30, 2016 at least one and ninety-
 5   six hundredths percent (1.96%), for the period from July 1,
 6   2016    through June   30,   2017     at least two and thirty
 7   hundredths percent (2.30%) and thereafter at least two and
 8   sixty-four hundredths (2.64%) of the employee's share of
 9   retirement contributions shall be paid through a reduction
10   in cash salary of the employee unless specified otherwise
11   by legislative act.
12
13          Section 2.    This act is effective July 1, 2024.
14
15                                     (END)
                                       4                          [Bill Number]
Statutes affected: 
24LSO-0162 v0.5: 9-3-604