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 the employer contributions will increase from 9.37% to 9.62% for the same period. The bill also specifies that firefighter members will contribute 7% of their salary, while employers of firefighter members will contribute 7.12%. The changes will be implemented in phases, with the new rates effective until June 30, 2026, after which contributions will be determined according to existing 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 increased employer contribution rates and cannot be used for employee contributions. The act is set to take effect on July 1, 2025, ensuring that the necessary funding is in place for the upcoming fiscal year.

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