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% starting July 1, 2025, and employer contributions will increase from 9.37% to 9.62% during the same period. The bill also specifies that these contributions will be deducted from salaries and transferred to the retirement account in accordance with existing regulations. Additionally, it establishes a framework for appropriations to cover the increased employer contributions, including a total of $1,741,500 from the general fund and $3,412,500 from the public school foundation program account for school districts.

The appropriations are designated for various state agencies, including the legislative, judicial, and executive branches, as well as community colleges and the University of Wyoming, to ensure compliance with the new contribution rates. The bill emphasizes that these funds are strictly for the increased employer contributions and cannot be used for employee contributions. The effective date for the changes outlined in the bill is set for July 1, 2025.

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