The bill amends the public employee retirement plan in Wyoming by increasing both employer and employee contribution rates. Specifically, employee contributions will rise from 9.25% to 9.50% of salary for the period from July 1, 2025, through June 30, 2026, while employer contributions will increase from 9.37% to 9.62% during the same period. The bill also specifies that firefighter members will contribute 7% of their salary, with employers of firefighter members contributing 7.12%. The changes will take effect on July 1, 2025, and the contributions will be deducted from salaries and transferred to the retirement account as outlined in the amended sections of the law.

Additionally, the bill appropriates funds to cover the increased employer contributions, totaling $1,741,500 from the general fund and $3,412,500 from the public school foundation program account for school districts. These appropriations are designated solely for the purpose of meeting the increased employer contribution rates and cannot be used for employee contributions. The bill ensures that any unexpended funds will revert to their respective accounts by June 30, 2026, and emphasizes that these appropriations should be included in future budget requests for state agencies.

Statutes affected:
Introduced: 9-3-412, 9-3-413