The bill amends the Wyoming retirement system to increase normal retirement benefits for members based on their years of service and highest average salary. Specifically, it introduces new percentages for calculating benefits that will take effect after July 1, 2026. For members who first became covered under the retirement system after June 30, 1981, and before September 1, 2012, the benefit will increase from two and one-eighth percent (2 1/8%) to two and one-quarter percent (2 1/4%) for the first fifteen years of service, and from two and one-fourth percent (2 1/4%) to two and three-eighths percent (2 3/8%) for any years exceeding fifteen. Additionally, for members initially employed after August 31, 2012, the benefit will increase from two percent (2%) to two and one-eighths percent (2 1/8%).

The bill also repeals certain obsolete provisions and specifies that the changes will apply to all members whose retirement benefits are calculated under the amended sections, including those retiring before July 1, 2026. The Wyoming retirement system is required to take necessary actions to implement the changes, with the act becoming effective on July 1, 2026, except for certain sections that will take effect immediately upon the bill's passage.

Statutes affected:
Introduced: 9-3-418, 9-3-453, 9-3-454