9-3-302. Administration by secretary of Wyoming retirement system; payment of costs.
All administrative matters pertaining to this act shall be administered by the secretary of the Wyoming retirement system. The cost of such services shall be paid in the manner provided by law.
9-3-303. Agreements with federal security administrator to extend benefits to employees; provisions.
(a) The state treasurer with the approval of the governor may enter on behalf of the state into an agreement with the federal security administrator or his successor, consistent with the terms and provisions of this act for the purpose of extending the benefits of the federal old age and survivors' insurance system to employees of the state, or any political subdivision thereof, with respect to services which constitute employment. The agreement may contain provisions relating to coverage, benefits, contributions, effective date, modification and termination of the agreement, administration, and other appropriate provisions which the state treasurer and federal security administrator agree upon. Except as otherwise required by or under the Social Security Act as to the services to be covered, the agreement shall provide in effect that:
(i) Benefits will be provided for employees, and their dependents and survivors, whose services are covered by the agreement on the same basis as though the services constituted employment within the meaning of Title II of the Social Security Act;
(ii) The state will pay to the secretary of the treasury, at times as prescribed under the Social Security Act, contributions with respect to wages equal to the sum of the taxes which would be imposed by sections 1400 and 1410 of the Federal Insurance Contributions Act if the services covered by the agreement constituted employment within the meaning of that act;
(iii) The agreement is effective with respect to services in employment performed after a date specified therein, or in any modification thereof;
(iv) All services which constitute employment and are performed in the employ of the state or any of its political subdivisions shall be covered by the agreement.
(b) Any instrumentality jointly created by this state and any other state or states, upon the granting of like authority by the other state or states, may:
(i) Enter into an agreement with the federal security administrator whereby the benefits of the federal old age and survivors' insurance system shall be extended to employees of the instrumentality;
(ii) Require its employees to pay (and for that purpose to deduct from their wages) contributions equal to the amounts which they would be required to pay under W.S. 9-3-304(a) if they were covered by an agreement made pursuant to subsection (a) of this section; and
(iii) Make payments to the secretary of the treasury in accordance with the agreement, including payments from its own funds, and otherwise to comply with the agreement.
(c) The agreement under subsection (b) of this section shall, to the extent practicable, be consistent with other provisions of this act.
collection by payroll deduction; adjustments; payments from political subdivisions.
(a) Every employee of the state and political subdivision thereof, whose services are covered by an agreement entered into under W.S. 9-3-303, shall be required to pay, for the period of coverage, into the account established by W.S. 9-3-305, contributions, with respect to wages equal to the amount of tax which would be imposed by section 1400 of the Federal Insurance Contributions Act if the services constituted employment within the meaning of that act. The liabilities shall arise in consideration of the employee's retention in the service of the state or political subdivision thereof, or his entry upon such service after the enactment of this act.
(b) The contribution imposed by this section shall be collected through the office of the state treasurer by deducting the amount of the contribution from wages as and when paid. The deductions shall be made by the finance officer of the state, or political subdivision thereof, but failure to make the deduction shall not relieve the employee or the political subdivision as the employer of liability for the contribution.
(c) If more or less than the correct amount of the contribution imposed by this section is paid or deducted with respect to any remuneration, proper adjustments, or refund if adjustment is impracticable, shall be made, without interest, in the manner and at the times as prescribed by the secretary of the treasury and state treasurer.
(d) Each political subdivision shall pay contributions into the account with respect to wages at the times the state agency by regulation prescribes, in the amounts and at the rates specified in the applicable agreement entered into by the state agency under W.S. 9-3-303.
(e) Payments due from political subdivisions under subsections (b) and (d) of this section, which are delinquent may be recovered by the state with interest at the rate of six percent (6%) per annum in an action brought for that purpose in a court of competent jurisdiction against the political subdivision liable therefor.
9-3-305. Account; establishment; contents; account to be
held separate; withdrawals; treasurer and custodian of account; appropriations to account.
(a) A separate account is established which shall consist of and there shall be deposited in the account:
(i) All contributions, interest and penalties collected under W.S. 9-3-304;
(ii) All monies appropriated thereto under this act;
(iii) Any property or securities and earnings thereof acquired through the use of monies belonging to the account;
(iv) Interest earned upon any monies in the account; and
(v) All sums recovered upon the bond of the custodian or otherwise for losses sustained by the account, and, all other monies received for the account from any other source. All monies in the account shall be mingled and undivided. Subject to the provisions of this act, the state treasurer is vested with full power, authority and jurisdiction over the account, including all monies and property or securities belonging thereto, and may perform any and all acts whether or not specifically designated, which are necessary to the administration thereof and are consistent with the provisions of this act.
(b) The account shall be established and held separate and apart from any other funds or monies of the state and shall be used and administered exclusively for the purpose of this act. Withdrawals from the account shall be made for, and solely for:
(i) Payment of amounts required to be paid to the secretary of the treasury pursuant to an agreement entered into under W.S. 9-3-303(b);
(ii) Payment of refunds provided for in W.S. 9-3-304(c); and
(iii) Refunds of overpayments, not otherwise adjustable, made by a political subdivision or instrumentality.
(c) From the account the custodian of the account shall pay to the secretary of the treasury the amounts and at the times as may be directed by the state treasurer of the state of Wyoming, in accordance with an agreement entered into under W.S. 9-3-303 and the Social Security Act.
(d) The state treasurer is the treasurer and custodian of the account and shall administer it in accordance with this act and shall pay all warrants drawn upon it in accordance with this section and with regulations prescribed pursuant to the agreement between the state, acting through its state treasurer, and the federal government [acting] through the social security department.
(e) In addition to the contributions collected and paid into the account under W.S. 9-3-304, to be available for the purpose of W.S. 9-3-305(b) and (c) until expended, additional sums may be appropriated annually to the account as necessary to make the payments to the secretary of the treasury for which the state of Wyoming is obligated pursuant to an agreement entered into under W.S. 9-3-303. The funds necessary to support this account shall be included in the budget request presented at each legislative session.
9-3-306. Duties of state treasurer; promulgation of rules and regulations.
The state treasurer shall promulgate rules and regulations not inconsistent with the provisions of this act as necessary or appropriate to the efficient administration of the functions with which he is charged under this act.
(a) As used in this article:
(i) "Account" or "member account" means:
(A) For a member who has a minimum of four (4) years of service or a member initially employed before July 1, 2018, the member's contributions, the member's contributions paid by an employer under W.S. 9-3-412 and 9-3-413.1 and any amounts transferred to the system from a terminated system on behalf of the member, plus interest compounded annually at a rate determined by the board not to exceed the average annual investment yield earned on the assets of the system, subject to subparagraph (C) of this paragraph;
(B) For a member who has fewer than four (4) years of service and who is initially employed on or after July 1, 2018, only the member contributions paid by a reduction in cash salary of the member together with the interest on those contributions, subject to subparagraph (C) of this paragraph;
(C) Commencing July 1, 2019 for a member who has fewer than four (4) years of service, no interest shall accrue to the member account during any period in which the member is not employed by a participating employer.
(ii) Repealed by Laws 1994, ch. 67, § 3.
(iii) "Actuarial equivalent amount" means a benefit of equal value computed upon the basis of the actuarial assumptions determined by the board;
(iv) "Board" or "retirement board" means the retirement board of the Wyoming retirement system established by this article;
(v) "Disability" means the mental or physical incapacitation of any member including:
(A) "Total disability" which is a disability condition that renders a member unable to engage in any occupation for which he is reasonably suited by training or experience and which is reasonably expected to last at least twelve (12) months; and
(B) "Partial disability" which is a disability condition that renders a member unable to perform the occupation for which he is reasonably suited by training and experience but still allows him to function in other employment and which is reasonably expected to last at least twelve (12) months.
(vi) "Employer" or "participating employer" means:
(A) The state of Wyoming and any department, board, commission or other agency or instrumentality of the state;
(B) Any county, county memorial hospital, special hospital district, city or town or legally constituted department designated to the board by the appropriate governing body as an employer under this article;
(C) Any municipal corporation;
(D) Any school district;
(E) The Wyoming School Activities Association;
(F) The Wyoming Education Association;
(G) The Wyoming School Boards' Association;
(H) The Wyoming Public Employees' Association;
(J) Repealed by Laws 1994, ch. 67, § 3.
(K) Repealed by Laws 1994, ch. 67, § 3.
(M) The Wyoming County Commissioners' Association;
(N) The Wyoming Association of Municipalities;
(O) Any senior citizen center within the state;
(P) Community-based mental health, substance abuse, developmental disabilities, family violence and sexual assault programs which receive state support and which operate under standards established by the division of community programs [department of health] pursuant to W.S. 9-2-102, those programs and facilities serving youth certified by the department of family services pursuant to W.S. 9-2-2101 and those programs and facilities serving individuals in need of vocational rehabilitation as certified by the division of vocational rehabilitation pursuant to W.S. 9-2-109;
(Q) The legislative service office;
(R) The state judicial branch;
(S) Any community college;
(T) The University of Wyoming;
(U) Any special district; and
(W) Any other political subdivision of the state or local government or any organization or entity which by virtue of its organization or purpose is considered by the board to be a governmental entity and receives a major portion of its funding from taxing authority delegated by law, from federal, state or local government or from an agency or political subdivision of state or local government.
(vii) "Member" means and includes any full-time or regular part-time employee of an employer, including substitute teachers if treated by the employer as regular, part-time employees and including law enforcement officers and firefighter members, but "member" does not mean:
(A) An employee who is compensated:
(I) As an independent contractor; or
(II) On a fee basis.
(B) An employee who is reimbursed on a per diem basis;
(C) An employee whose term of employment is on a temporary basis for less than six (6) months;
(D) Repealed by Laws 2015, ch. 10, § 2.
(E) Members of any state board or commission not otherwise employed by the state who elect in writing not to become a member of the system under rules adopted by the board;
(F) Employees covered by other retirement plans of the state or a political subdivision of the state, including:
(I) The supreme court and district court justices' pension plan, and employees covered under the judicial retirement act under W.S. 9-3-701 through 9-3-713;
(II) Police pension plans;
(III) Repealed By Laws 2008, Ch. 45, § 2.
(IV) The paid firemen pension plans;
(V) The Wyoming state highway patrol, game and fish warden and criminal investigator retirement program.
(G) Members of the legislature;
(H) Students employed by the University of Wyoming, community colleges or school districts;
(J) Employees of the agricultural extension service of the University of Wyoming who hold a federal civil service appointment and are required to participate in the federal civil service retirement program;
(K) An employee of the University of Wyoming or a community college who earns no more than five thousand five hundred dollars ($5,500.00) per year for part-time teaching and has elected in writing not to participate in the system under rules adopted by the board;
(M) An at-will contract employee under W.S. 9-2-3207(a)(xi)(F), unless specifically authorized by the contract pursuant to W.S. 9-2-3207(a)(xi)(F)(III) or (IV);
(N) An elected member of a county, municipal or school district commission, council or board, if:
(I) The commission, council or board on which the elected member serves participates in the system;
(II) The elected member is otherwise employed by an entity participating in the system; and
(III) The elected member elects in writing at the beginning of the member's service on the commission, council or board not to become a member of the system, for purposes of his service as an elected official, under rules adopted by the board. An election pursuant to this subdivision is irrevocable during the remainder of the member's service on the commission, council or board.
(viii) Repealed by Laws 1994, ch. 67, § 3.
(ix) "Prior creditable service" means service credit earned by a member prior to April 1, 1953 in one (1) of the terminated systems and for which necessary employer and employee contributions were transferred to the retirement system;
(x) "Employee" means an employee of a participating employer as defined by this article;
(A) Repealed by Laws 1994, ch. 67, § 3.
(B) Repealed by Laws 1994, ch. 67, § 3.
(C) Repealed by Laws 1994, ch. 67, § 3.
(D) Repealed by Laws 1994, ch. 67, § 3.
(E) Repealed by Laws 1994, ch. 67, § 3.
(F) Repealed by Laws 1994, ch. 67, § 3.
(G) Repealed by Laws 1994, ch. 67, § 3.
(H) Repealed by Laws 1994, ch. 67, § 3.
(xi) Repealed by Laws 1994, ch. 67, § 3.
(xii) "Interest" means interest compounded annually at the rate or rates determined by the board, not exceeding the average amount of interest actually earned per annum by the account;
(xiii) "Retire", "retired" or "retirement" means the termination of a member's working career for a salary as an employee and the fulfillment of the requirements for eligibility to receive either a retirement or a disability benefit under this article;
(xiv) "Retirement benefit" or "benefit" means a sum of money paid monthly in accordance with this article to a member who has retired;
(xv) "Retirement system" means the Wyoming retirement system created by this article;
(xvi) "Salary" means the cash remuneration paid to a member in a calendar year, including employee contributions required by W.S. 9-3-412 and 9-3-413.1 and including member contributions paid by the employer under a salary reduction arrangement under W.S. 9-3-412(c) and 9-3-413.1(b). "Salary" taken into account for a member shall not exceed the amount specified under section 401(a)(17) of the United States Internal Revenue Code;
(xvii) "Terminated system" or repeal acts in the case of a teacher means the Wyoming teacher retirement system provided by Chapter 159, Session Laws of Wyoming, 1951, and in the case of a state employee means the state employees' retirement association provided by Chapter 42, Session Laws of Wyoming, 1949, as amended by Chapter 140, Session Laws of Wyoming, 1951;
(xviii) "Law enforcement officer" or "officer" means any member who is a county sheriff, deputy county sheriff, municipal police officer, duly authorized investigator of the Wyoming livestock board meeting the specifications of W.S. 7-2-101(a)(iv)(E), duly authorized personnel of the Wyoming gaming commission meeting the specifications of W.S. 7-2-101(a)(iv)(P), investigator employed by the Wyoming state board of outfitters and professional guides meeting the specifications of W.S. 7-2-101(a)(iv)(J), Wyoming correctional officer, probation and parole agent employed by the Wyoming department of corrections, Wyoming law enforcement academy instructor, full-time state park ranger, University of Wyoming campus police officer, community college police officer, detention officer, dispatcher for law enforcement agencies or any person employed on a full-time basis as a correctional forestry crew supervisor, correctional crew supervisor or correctional forestry crew manager by the Wyoming state forestry division of the office of state lands and investments or any other agency;
(xix) "Highest average salary" means:
(A) For members not subject to subparagraph (B) of this paragraph, the average annual salary of a member for the highest paid three (3) continuous years of service;
(B) For a general member initially employed after August 31, 2012 the average annual salary of the member for the highest paid five (5) continuous years of service.
(xx) "General member" means a member who is not a law enforcement officer or a firefighter member;
(xxi) "Service credit" means the credit earned by a member for eligibility for benefits and benefits payable under the system. Service credit is earned on the basis of actual years of employment for an employer as a member under rules adopted by the board under W.S. 9-3-417;
(xxii) "System" means the Wyoming retirement system created by this article;
(xxiii) "Year of service" means a twelve (12) month period of employment with an employer as a member;
(xxiv) "Retirement account" means the account established under this article;
(xxv) "Firefighter member" means:
(A) Any employee of a Wyoming national guard fire department crash and rescue unit employed on a full-time basis for firefighting and rescue operations within the department; and
(B) Any person employed full-time or temporary full-time in a wildland firefighting occupation by any state agency.
(xxvi) "Duty connected" means an illness, injury or disability from an injury or disease which results primarily from a specific act or occurrence determinable by a definite time and place, from a physical or mental trauma which arises from the nature and in the course of a person's law enforcement employment;
(xxvii) "Eligible retirement plan" means:
(A) An annuity contract described in section 403(b) of the Internal Revenue Code;
(B) An eligible plan under section 457(b) of the Internal Revenue Code which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state;
(C) An individual retirement account or annuity described in section 408(a) or 408(b) of the Internal Revenue Code that is eligible to be rolled over and would otherwise be includible in gross income; or
(D) A qualified plan described in section 401(a) or 403(a) of the Internal Revenue Code.
(xxviii) "Rollover contribution" means the transfer of funds from an eligible retirement plan, in an amount eligible to be rolled over to a qualified trust in accordance with applicable law and for which the member provides evidence satisfactory to the system that such amount qualifies for rollover treatment;
(xxix) "General member initially employed after August 31, 2012" means a general member, other than a member meeting the provisions of subparagraph (B) of this paragraph, who:
(A) Becomes an employee for whom contributions are made for service performed on or after September 1, 2012 and:
(I) Was not previously a contributing member; or
(II) Was previously a contributing member who withdrew his accumulated contributions and did not redeposit those contributions before September 1, 2012; or
(III) Was previously a contributing member who left service with less than four (4) years service credit, without withdrawing his accumulated contributions, and returned to service on or after September 1, 2012.
(B) A member who was deployed to active military or other emergency service of the United States and who was previously employed by a participating employer prior to September 1, 2012 and withdrew his accumulated contributions, shall not be deemed to be a member initially employed after August 31, 2012 due to the provisions of subdivision (A)(II) of this paragraph, if the withdrawal was in accordance with provisions of the Uniformed Services Employment and Reemployment Rights Act, 38 U.S.C. 4301 et seq., and board rules adopted to meet the requirements of that act.
9-3-403. Wyoming retirement system; establishment; purpose; powers as body corporate.
The Wyoming retirement system is established to provide retirement and other benefits to eligible employees of participating employers. It shall be a body corporate, may sue and be sued and shall have all other powers and privileges of a corporation. In its name all its business shall be transacted, all funds invested and all of its monies, securities and other property held in trust for the purposes of this article.
9-3-404. Wyoming retirement board; responsibility for
administration of system; composition; appointment; term; vacancies; meetings; election of chairman.
(a) The responsibility for the administration and operation of the retirement system is vested solely and exclusively in the Wyoming retirement board. The board shall be composed of eleven (11) members, not more than seventy-five percent (75%) of whom shall be from the same political party. The members shall be:
(i) The state treasurer;
(ii) A retired recipient of the retirement system;
(iii) Two (2) members, exclusive of the public school system, the community colleges and the University of Wyoming, one (1) of which is a participant in the Wyoming deferred compensation program established under W.S. 9-3-501 through 9-3-508;
(iv) Two (2) members of the public school system, the community colleges or the University of Wyoming;
(v) Five (5) qualified electors from Wyoming who are known for their public spirit and business or professional ability, none of whom are members and at least two (2) of whom have professional expertise in investments and finance, which shall include managing asset allocation in investment portfolios.
(b) The governor, with the consent of the Wyoming senate, shall appoint all board members other than the state treasurer. Appointed board members shall serve six (6) year terms and may be removed by the governor as provided in W.S. 9-1-202.
(c) A vacancy shall be filled as provided in W.S. 28-12-101.
(d) The board shall meet annually and elect a chairman from among its members. The board shall meet at such other times as the chairman directs or upon request of a majority of its members.
(a) In addition to any other duties prescribed by law, the board shall:
(i) File with the legislative service office:
(A) All system actuarial reports;
(B) An annual audit report by an independent audit firm showing the financial status of the retirement system. The report required by this paragraph shall be submitted as part of the annual report required by W.S. 9-2-1014;
(C) A statement of any proposed benefit changes and the projected cost of the changes to the system.
(ii) At the request of any city, town or county not covered by the state retirement system, negotiate terms and conditions through which the city, town or county and its employees could become members of the state retirement system in accordance with the following terms and conditions:
(A) Any city, town or county may choose to cover only its full-time employees under the retirement system;
(B) Liabilities for any city, town or county's employees' service rendered prior to affiliation with the retirement system and credited by the local retirement program shall be determined according to procedures the board adopts after consultation with the system actuary;
(C) Excluding law enforcement officers, the service rendered by any city, town or county's employees prior to affiliation with the retirement system and which may be credited toward retirement under the retirement system shall not exceed ten (10) years and shall be the shorter of ten (10) years or the period from July 1, 1971 to the entry date of the political subdivision into the retirement system. Service rendered by any city, town or county law enforcement officer prior to affiliation with the retirement system and which may be credited toward retirement under W.S. 9-3-432 shall include all years served as a law enforcement officer with that city, town or county. Effective July 1, 2002, and ending June 30, 2008, any city, town or county may elect to have its law enforcement officers covered under W.S. 9-3-432, if such law enforcement officers were not participating in a pension fund pursuant to W.S. 15-5-301 prior to July 1, 2002. Any such election shall be subject to the following:
(I) The city, town or county shall contribute funds in an amount equivalent to one-half (1/2) the cost of each officer's prior service credits with the city, town or county;
(II) The city, town or county may require the officer to contribute the amount specified in subdivision
(I) of this subparagraph as a condition of participation in the election to be covered under W.S. 9-3-432;
(III) The state shall contribute funds in an amount equivalent to one-half (1/2) the cost of each officer's prior service with the city, town or county.
(D) Affiliation with the retirement system shall be effective as of July 1, following a determination of the city, town or county's liabilities and completion of other reasonable procedures as the board directs.
(iii) Receive and act upon reports relating to the operations and funds of the system;
(iv) Ensure that the system is administered according to law;
(v) Serve as investment trustee of the funds of the system. In serving as investment trustee under this paragraph, the board shall comply with the requirements of W.S. 9-4-722;
(vi) Through the director employed under W.S. 9-3-406(a), administer the Wyoming deferred compensation program established under W.S. 9-3-501 through 9-3-508;
(vii) In collaboration with participating employers, provide information, through a variety of methods including a mandatory education program, to all employees who are members as of July 1, 2012, and to all members initially enrolling after July 1, 2012. The information and program shall review retirement benefits, costs expected to be incurred in retirement and income amounts anticipated to be necessary to maintain the member's preretirement standard of living. The information and program shall:
(A) Emphasize that benefits provided under the plans administered by the Wyoming retirement board should not be expected to provide one hundred percent (100%) of the member's required income in retirement;
(B) Advise that no future cost-of-living increases or other benefit increases are incorporated into the plans as constructed;
(C) Contain citation to and the language of W.S. 9-3-428 providing that nothing in Wyoming statutes title 9, chapter 3, article 4, shall be construed to acknowledge any past, present or future liability of or obligate the state of Wyoming for contribution except the employer's contributions provided for in that article, to either the Wyoming retirement system provided by that article or any other retirement system previously existing in the state of Wyoming.
(b) The board may establish special pay plans that upon retirement or separation from service, entitle an employee of the state to a contribution to a qualified retirement plan established in the employee's name. Special pay plans established under this paragraph shall be in compliance with section 401(a) of the federal Internal Revenue Code, which reduce the federal tax burden on accumulated vacation, sick or other accumulated leave payments to employees upon retirement or separation from service. In the event an employee elects to withdraw his contribution to the special pay plan prior to reaching age fifty-five (55), the state shall reimburse the employee the difference between any Federal Insurance Contributions Act (FICA) and any Medicare tax savings to the employee and any early withdrawal penalty imposed by the Internal Revenue Service.
(c) For purposes of preparation of the administration and operational budget of the board, the board shall operate on a fiscal year commencing on July 1. The board may operate the state retirement account and any other retirement account under its management upon a calendar year basis or a fiscal year basis as the board determines appropriate.
(d) For purpose of calculating member accounts, the board may establish reporting requirements for any retirement plan, program and system administered by the board to determine the amount or percentage of the employee or member contribution that is paid by a reduction in cash salary of the employee or member.
9-3-406. Retirement board; employment and compensation of
director, consulting actuary and assistants; director designated secretary; compensation of members; quorum; seal.
(a) The board shall employ a director and a consulting actuary and other professional and clerical assistants necessary for the administration of the retirement system and the Wyoming deferred compensation program established under W.S. 9-3-501 through 9-3-508. The compensation of employees shall be fixed by the board, subject to confirmation and approval by the human resources division and together with all other necessary expenses of the board shall be paid by vouchers drawn on the state treasurer of Wyoming. The director shall also serve, without additional compensation, as secretary of the board. The board shall have the authority to obtain the financial and criminal background history of an employee or employment applicant of the Wyoming retirement system in accordance with W.S. 7-19-106 and 7-19-201. In fixing compensation of employees the board may implement and administer a performance compensation plan in accordance with this subsection. The plan shall:
(i) Be limited to those at-will employees of the board listed in paragraph (ii) of this subsection who are directly engaged in investing assets of the retirement system;
(ii) Be limited to the following participating employees:
(A) Chief investment officer;
(B) Senior investment officer;
(C) Investment officer;
(D) Senior analyst;
(E) Analyst.
(iii) Seek to maximize total returns net of fees on investments authorized by law and in the best interest of the retirement system;
(iv) Be based solely on investment performance exceeding investment benchmarks established pursuant to this paragraph. The board shall establish investment benchmarks, which shall be approved by the investment funds committee created by W.S. 9-4-720, for each fund and account for an investment period. No performance compensation shall be paid under the plan unless the board determines, subject to review by the investment funds committee, that the established benchmarks have been exceeded;
(v) Measure investment performance during an investment period based one hundred percent (100%) on total fund performance. For purposes of this subsection, "total fund" means the total or overall investment portfolio of the retirement system;
(vi) Provide that payments for investment performance for any one (1) investment period shall be as follows:
(A) For payments earned in fiscal year 2020 -the investment performance beginning July 1, 2019 and ending June 30, 2020;
(B) For payments earned in fiscal year 2021 -the arithmetic average of the investment performance beginning July 1, 2019 and ending June 30, 2020 and the investment performance beginning July 1, 2020 and ending June 30, 2021;
(C) For payments earned in fiscal year 2022 through fiscal year 2025 - the arithmetic average of the annual investment performance beginning that fiscal year and the two (2) immediately preceding fiscal years;
(D) For payments earned in fiscal year 2026 and each fiscal year thereafter – the geometric average of the annual investment performance beginning that fiscal year and the two (2) immediately preceding fiscal years.
(vii) Be funded from investment returns, with each invested fund's share calculated in proportion to the magnitude of aggregate investment earnings of each fund invested, including interest and dividends, which shall be continuously appropriated for payment of performance compensation as authorized by this subsection;
(viii) Include a limit for total payments to all participating employees for performance compensation earned in any one (1) investment period in an amount not to exceed two percent (2%) of net investment returns above the established benchmark of the total fund for that investment period;
(ix) Include a limit for total payments to an individual employee for performance compensation earned in any one (1) investment period in an amount not to exceed the following:
(A) One hundred percent (100%) of a chief investment officer's base salary;
(B) Seventy-five percent (75%) of a senior investment officer's base salary;
(C) Fifty percent (50%) of an investment officer's base salary;
(D) Thirty-five percent (35%) of a senior analyst's or analyst's base salary.
(x) Provide that performance compensation earned in any one (1) investment period will be paid over a three (3) year period as follows:
(A) Twenty-five percent (25%) during the fiscal year immediately following the fiscal year in which the performance compensation was earned;
(B) Twenty-five percent (25%) during the second fiscal year following the fiscal year in which the performance compensation was earned;
(C) Fifty percent (50%) during the third fiscal year following the fiscal year in which the performance compensation was earned.
(xi) Provide that performance compensation shall be forfeited by an employee upon termination of employment subject to an anti-compete agreement for future employment related to asset management. This paragraph shall not apply to termination based on death, disability or retirement;
(xii) Provide that performance compensation shall not be included as compensation for the purpose of computing retirement or pension benefits earned by the employee;
(xiii) Subject participating employees to the following terms and conditions related to leave time:
(A) Chief investment officers, senior investment officers and investment officers shall receive leave time in the same manner and amount as department directors under W.S. 9-2-1706(b);
(B) Senior analysts and analysts shall receive leave time in accordance with standards and rules established or promulgated in accordance with W.S. 9-2-3207(a).
(xiv) Provide that performance compensation shall only be based on performance criteria occurring on or after the execution of an employment contract in accordance with this subsection. No performance compensation shall be paid other than as provided in the employment contract;
(xv) Be submitted to the joint appropriations committee and the select committee on capital financing and investments for comment, and approved by the human resources division, prior to implementation. The human resources division shall not disapprove a performance compensation plan which complies with the requirements of this subsection;
(xvi) Be submitted and administered by the board as a separately designated and appropriated budget unit.
(b) The members of the board, other than the five (5) elector members shall serve without compensation but shall suffer no loss of wages for the time devoted to the duties of the board. The elector members of the board shall receive fifty dollars ($50.00) per day for the time actually and necessarily devoted to the duties of the board. All members and employees of the board shall be reimbursed for their expenses incurred through service on the board at rates applicable to other state employees.
(c) A majority of the members of the board constitutes a quorum for the transaction of its business. The board may adopt and use a common seal and alter it at the board's direction.
(d) The board shall report to the joint appropriations committee and the select committee on capital financing and investments by November 1 of each year on the plan authorized by subsection (a) of this section. The report shall include:
(i) Payments and methodology of calculating payments under the plan;
(ii) A measurement quantifying the risk resulting from the variation between the prior year's investment benchmarks and the prior year's actual investments;
(iii) An estimate of future payments under the plan and future expected investment benchmarks.
(e) The board may reimburse the actual moving expenses of employees specified in paragraph (ii) of this subsection when the employee is moving to begin employment with the Wyoming retirement system and for the benefit of the state of Wyoming in accordance with the following:
(i) The reimbursement provided to any one (1) employee under this subsection shall not exceed the employee's actual moving expenses or ten thousand dollars ($10,000.00), whichever is less;
(ii) The reimbursement shall only be provided to employees hired to fill the position of chief investment officer, senior investment officer, investment officer, senior analyst or analyst;
(iii) The reimbursement shall only be provided to employees who are relocating to live and establish residency in Wyoming. Reimbursement shall be repaid in full if the employee does not retain residency for two (2) years and the employee does not remain employed by the Wyoming retirement system or the state treasurer's office.
(f) Beginning on July 1, 2023 and thereafter, the maximum annual salary to be paid for each investment staff position classification, as determined by the board, shall be as follows:
(i) Three hundred thousand dollars ($300,000.00) for the chief investment officer;
(ii) Two hundred twenty-six thousand eight hundred dollars ($226,800.00) for a senior investment officer;
(iii) One hundred fifty-eight thousand four hundred dollars ($158,400.00) for an investment officer;
(iv) One hundred eleven thousand six hundred dollars ($111,600.00) for a senior analyst;
(v) Eighty-four thousand dollars ($84,000.00) for an analyst.
9-3-407. Retirement board; control and management of
account containing assets of retirement system; payments from account.
(a) The retirement account is established.
(b) The board has the control and management of the retirement account which shall contain all the assets of the retirement system.
(c) From the retirement account shall be paid:
(i) Refunds of member accounts in accordance with this article;
(ii) Benefits for members retired under the terminated systems;
(iii) Repealed by Laws 1994, ch. 67, § 3.
(iv) Retirement or disability benefits under this article;
(v) Death and survivor benefits as provided for by this article; and
(vi) Reasonable administrative expenses under this article.
9-3-408. Designated custodian of retirement account; disbursements; investment of account monies.
(a) The board may designate the state treasurer or a master custodial bank approved by the state treasurer as the custodian of the retirement account. Disbursements from the retirement account for purposes specified in W.S. 9-3-407(c) shall be made upon warrants drawn by the state auditor upon certification by authorized system employees or using an appropriate alternative method approved by the state auditor. All retirement account disbursements shall be accounted for in accordance with the uniform state accounting system or in a manner approved by the state auditor or the state treasurer as provided under W.S. 9-4-214. As used in this subsection, "authorized system employees" means the director and his designees who have authorized signatures on file with the state auditor.
(b) The board, or its designee, which shall be registered under the Investment Advisor's Act of 1940 as amended, or any bank as defined in that act, upon written authority, shall invest monies in the retirement account, which investments shall not be considered disbursements for the purposes of W.S. 9-4-214 and subsection (a) of this section. In investing and managing monies in the retirement account and subject to the requirements of W.S. 9-4-722, the board, or its designee, shall exercise the judgment and care that a prudent investor would, in light of the purposes, terms, distribution requirements and all other circumstances surrounding the monies in the retirement account, including risk and return objectives established by the board which are reasonably suitable to the purpose of the Wyoming retirement system.
(c) Repealed By Laws 1997, ch. 148, § 2.
(d) The director of the retirement system, upon approval and authority of the retirement board, may make use of the services of whatever investment board or commission which has been designated by legislative action for the purpose of assisting in the selection of investments for public funds of this state.
(e) The board may for purposes of this section, retain the services of a custodial bank to supervise a program of securities lending in exchange for a fee or other consideration. Supervision of the program shall include:
(i) Procedures to review the creditworthiness of all borrowers;
(ii) Requirements for full collateralization of all loans; and
(iii) Other methods and procedures required by the board for securing the lending program.
(f) Repealed By Laws 2006, Chapter 51, § 2.
9-3-409. Retirement board; rules and regulations; powers
and privileges required to perform functions; requiring employers to furnish information and keep records.
(a) The retirement board shall adopt rules and regulations for the administration of the retirement system and the control and disbursement of its assets, the administration of the Wyoming deferred compensation program established under W.S. 9-3-501 through 9-3-508 and shall have the powers and privileges required in the performance of its functions under this article and W.S. 9-3-501 through 9-3-508.
(b) The board shall:
(i) Regulate the duties of participating employers imposed by this article;
(ii) Specify the time, place, amount and manner in which contributions shall be withheld and paid;
(iii) Require employers to furnish information in written or electronic format and keep records necessary for the discharge of its duties under this article. The board shall assist employers in complying with any electronic reporting requirements imposed under this paragraph;
(iv) Require any county memorial hospital or special hospital district electing to participate in the Wyoming retirement system to provide written notice to the board of its election pursuant board issued guidelines. The board shall not implement coverage for any county memorial hospital or special hospital district employee until funds payable to the Wyoming retirement system are received for deposit into the retirement account, as necessary for maintaining the actuarial integrity of the account and funding all liability arising under this act, for years of service prior to the date of entry or expansion of coverage.
9-3-410. Retirement board; actuarial investigation and
valuation of system; annual valuation of assets and liabilities to be prepared and published; public record of proceedings.
(a) The retirement board shall keep in convenient form data necessary for actuarial valuations and investigations of the retirement system. At least once in each six (6) year period, the board shall cause an actuarial valuation to be made of the retirement system. An actuarial investigation of all the experience under the retirement system shall be made at times the board directs but not less often than once in each eight (8) year period.
(b) The board shall cause an annual valuation to be made of the assets and liabilities of the retirement system and shall prepare an annual statement of the accrued liability contribution rate which, after approval by the legislature, shall be payable by the employers. The board shall also publish annually the valuation of the assets and liabilities and a statement of receipts and disbursements of the retirement system.
(c) The board shall keep a record of all of its proceedings which shall be open to public inspection.
9-3-411. Retirement board; right to hearing before board; judicial review.
Any person aggrieved by any ruling of the board is entitled to a hearing before the board after giving reasonable notice. The decision of the board upon hearing is a final administrative decision and is subject to judicial review in accordance with the Wyoming Administrative Procedure Act.
(a) Except as otherwise provided in this section and W.S. 9-3-431 and 9-3-432, every member covered under this article shall pay into the account nine and one-quarter percent (9.25%) of his salary for the period from July 1, 2021 through June 30, 2026 and thereafter a percentage of the member's salary determined in accordance with W.S. 9-3-413.1. Every firefighter member covered under this article shall pay into the account seven percent (7%) of his salary. Payments shall be deducted each pay period from each member's salary by the chief fiscal officer of each participating employer. Employee contributions shall be transferred to the account in accordance with subsection (c) of this section.
(b) Except as provided by W.S. 9-2-3207(a)(xi)(F)(III) or (IV), in order to be treated as employer contributions for the sole purpose of determining tax treatment under the United States Internal Revenue Code, section 414(h) the contributions required by subsection (a) of this section shall be paid by the employer for state employee members and may be paid by the employer for member employees of political subdivisions of this state. Any contract employee authorized to participate in the state retirement system under W.S. 9-2-3207(a)(xi)(F)(III) shall pay the entire member contribution and the entire employer contribution under W.S. 9-3-413 and 9-3-413.1. For the contributions as provided by W.S. 9-2-3207(a)(xi)(F)(IV), the contributions required by subsection (a) of this section may be paid by the Wyoming livestock board for state employee members in order to be treated as employer contributions for the sole purpose of determining tax treatment under the United States Internal Revenue Code, section 414(h). The amounts shall be stated in the employment contract.
(c) The contributions under subsection (b) of this section and W.S. 9-3-413.1 shall be paid from the source of funds which is used in paying salary to the member. The employer may pay these contributions by a reduction in cash salary of the member or by an offset against a future salary increase, or by a combination of a reduction in salary and an offset against a future salary increase, provided:
(i) No salary reduction, offset or combination thereof shall exceed the percentage amount actually deducted from a member's salary for contributions to the Wyoming retirement system;
(ii) Except as provided in paragraphs (iii) and (iv) of this subsection and W.S. 9-3-413.1(b), any employer may pay any amount of a member's share of retirement contributions without a salary reduction, offset or combination thereof;
(iii) Repealed by Laws 2024, ch. 60, § 3.
(iv) For full-time brand inspection contract employees authorized to participate in the state retirement system under W.S. 9-2-3207(a)(xi)(F)(IV), not more than the amount specified in W.S. 9-3-413.1(b)(iii) of the contract employee's salary shall be paid by the livestock board unless specified otherwise by legislative act.
(d) Repealed by Laws 2002, Ch. 82, § 3.
transfer to account; interest imposed upon delinquent contributions; recovery. Except as provided by W.S. 9-2-3207(a)(xi)(F)(III) or (IV), 9-3-431 and 9-3-432, each employer, excluding employers of firefighter members, shall, on a monthly basis, pay into the account a contribution equal to nine and thirty-seven hundredths percent (9.37%) of the salary paid to each of its members covered under this article for the period from July 1, 2021 through June 30, 2026 and thereafter a percentage of the salary paid as determined in accordance with W.S. 9-3-413.1. Employers of firefighter members shall pay into the account a contribution equal to seven and twelve hundredths percent (7.12%) of the salary paid. Employer contributions for any month, together with the members' contributions for that month, if any, shall be transferred to the board not later than the twelfth day of the following month. These contributions shall be credited to the account in a manner as directed by the board. Any employer failing to transfer contributions under this section in sufficient time for the board to receive the contributions by the twenty-fifth day of the month due shall be assessed interest at the assumed rate of return as determined by the board, compounded annually. Interest imposed under this section shall be payable not later than the twelfth day of the next succeeding month. If the contributions and any interest imposed under this section are not transferred to the board when due, they may be recovered, together with court costs, in an action brought for that purpose in the first judicial district court in Laramie County, Wyoming.
9-3-413.1. Members' and employers' contributions based on
actuarially determined contribution rates; calculation of rates; reports.
(a) Beginning with the 2027-2028 fiscal biennium, the retirement system shall calculate the percentage of salary for members' contributions required under W.S. 9-3-412(a) and for the employers' contribution required under W.S. 9-3-413 based on an actuarially determined contribution rate in accordance with the following:
(i) The retirement system, in consultation with any actuary that the system utilizes, shall calculate the actuarially determined contribution rate for each fiscal year;
(ii) The retirement system shall calculate the actuarially determined contribution rate by using the actuarial value of that portion of the retirement account designated for the public employee retirement plan as of January 1, 2025 and January 1 of each odd-numbered year thereafter, the value of benefits, estimated administrative expenses and officially adopted actuarial assumptions. The retirement system shall use this valuation to calculate the actuarially determined contribution rate for the immediately succeeding fiscal biennium;
(iii) Not later than April 15, 2025 and April 15 of each odd-numbered year thereafter, the retirement system shall report the actuarially determined contribution rate to each local government entity participating in the public employee retirement plan, the governor, the state auditor, the state budget department and the joint appropriations committee, subject to the requirements of this subsection;
(iv) Not later than April 15, 2026 and April 15 of each even-numbered year thereafter, the retirement system shall calculate a valuation of the account and an updated actuarially determined contribution rate, using the actuarial value of that portion of the account designated for the public employee retirement plan as of January 1 of that year, for informational purposes and shall report the valuation and rate to each entity specified in paragraph (iii) of this subsection. The actuarially determined contribution rate calculated under this paragraph shall not be used as the actuarially determined contribution rate for purposes of this section;
(v) After calculation of the actuarially determined contribution rate under paragraph (ii) of this subsection, the state budget department and the retirement system shall calculate necessary amounts to account for any changes in the appropriations necessary to fund the contributions for the public employee retirement plan and shall include those amounts in the budget prepared under W.S. 9-2-1010 through 9-2-1014.1, including changes in amounts for school districts necessary to account for the employer's share of the actuarially determined contribution rate in accordance with this section for benefits paid in accordance with W.S. 21-13-339;
(vi) Any change in the actuarially determined contribution rate calculated under paragraph (ii) of this subsection shall take effect on July 1 of the subsequent even-numbered year;
(vii) Any change in the actuarially determined contribution rate calculated and reported under this subsection shall be in accordance with the following:
(A) The actuarially determined contribution rate shall not be increased more than one-half percent (0.5%) nor decreased more than one-half percent (0.5%) from:
(I) The rates specified in W.S. 9-3-412(a) and 9-3-413 for the fiscal biennium beginning July 1, 2026;
(II) The actuarially determined contribution rate for the preceding fiscal biennium for each fiscal biennium beginning July 1, 2028.
(B) The actuarially determined contribution rate for a fiscal biennium shall not be decreased if the public employee retirement plan has a funded ratio of less than ninety-nine percent (99%), on both a market and actuarial basis, as calculated on the date specified in paragraph (ii) of this subsection;
(C) For purposes of this paragraph, the actuarially determined contribution rate shall use a closed amortization period of thirty (30) years calculated from January 1, 2018, with each subsequent amortization base created as a result of year-to-year experience changes over individual twenty (20) year closed periods;
(D) In no event shall the actuarially determined contribution rate be less than the normal cost contribution, plus the rate necessary to meet administrative expenses. As used in this subparagraph, "normal cost contribution" means the contribution calculated using the entry age normal actuarial cost method to determine the average uniform and constant percentage rate of employer contributions that, if applied to the compensation of each new member during the entire period of the member's anticipated covered service, would be required to meet the costs of all benefits payable on the member's behalf based on the benefits provisions applicable for the individual member.
(b) The actuarially determined contribution rate shall be paid through monthly contributions into the account as follows:
(i) Subject to paragraph (iii) of this subsection and except as otherwise provided in W.S. 9-3-412, 9-3-431 and 9-3-432, every member covered under this article shall pay into the account a percentage of his salary in an amount equal to forty-nine and sixty-eight hundredths percent (49.68%) of the actuarially determined contribution rate calculated under this section;
(ii) Every employer excluding employers of firefighter members shall pay into the account a contribution of members' salary in an amount equal to fifty and thirty-two hundredths percent (50.32%) of the actuarially determined contribution rate calculated under this section;
(iii) For state employee members, five and fifty-seven hundredths percent (5.57%) of the member's salary that would otherwise be withheld in accordance with paragraph (i) of this subsection shall be paid by the employer without any salary reduction or offset. The remaining portion of the state employee's contribution required under paragraph (i) of this subsection shall be paid through a reduction in cash salary of the state employee unless specified otherwise by legislative act.
9-3-414. Provision for employers' contributions to be made in budgets; notice to department heads.
Subject to W.S. 9-3-413.1, provision for the payment by employers of the employers' contributions under this article shall be made in the budgets of the several departments, divisions and subdivisions of the state government and of other employer units. At least thirty (30) days prior to the date for submission of departmental budgets to the state budget department, the Wyoming retirement board shall notify all department heads that it will be necessary to include funds in the departmental budget for the payment of employers' contributions under this article for the ensuing appropriation period.
9-3-415. When retirement permitted; service credit.
(a) Except as provided under W.S. 9-3-431 and 9-3-432, normal retirement benefits under the system are payable to a member who:
(i) Has at least four (4) years of service credit and is at least sixty (60) years of age and is not subject to paragraph (ii) of this subsection; or
(ii) If a general member initially employed after August 31, 2012, has at least four (4) years of service credit and is at least sixty-five (65) years of age; or
(iii) Has a combined total of years of service credit and years of age which equals at least eighty-five (85).
(b) Except as provided under W.S. 9-3-432 or subsection
(k) of this section, early retirement benefits are payable to a member who has at least four (4) years of service and is at least fifty (50) but not yet sixty (60) years of age or has at least twenty-five (25) years of service and is not yet fifty (50) years of age. The early retirement benefit amount is equal to the normal retirement benefit amount otherwise payable reduced on an actuarial equivalent basis under rules established by the board.
(c) Repealed By Laws 2001, Ch. 38, § 2.
(d) Any vested member may elect to make a one-time purchase of up to five (5) years of service credit as authorized and limited by section 415(c) and 415(n) of the Internal Revenue Code and established in rules promulgated by the board. Any member electing to purchase service credit shall pay into the account a single lump-sum amount equal to the actuarial equivalent of the benefits to be derived from the service credit, the individual's attained age and the benefit structure of the appropriate plan. A member may purchase service credit with personal funds or, subject to rules and regulations established by the board, through rollover contributions. Unless received by the system in the form of a direct rollover, the rollover contribution shall be paid to the system on or before sixty (60) days after the date it was received by the member. Service credit purchased under this subsection shall qualify as service credit defined in W.S. 9-3-402(a)(xxi), 9-3-602(a)(iii), 9-3-702(a)(iii) and 15-5-402(a)(iv) but shall not be used to determine whether a member is a general member initially employed after August 31, 2012.
(e) Any person who is participating in a lawfully established retirement plan of any Wyoming community college or the University of Wyoming as authorized by W.S. 21-19-102 and elects coverage under this article shall have his Wyoming service under both the community college or University of Wyoming retirement plan and under this article counted to meet the eligibility requirements for retirement as specified in this section.
(f) Repealed By Laws 2002, Ch. 82, § 3.
(g) Subject to subsection (h) of this section and in accordance with rule and regulation of the board protecting the actuarial integrity of the system and its status as a federally qualified plan, any retired member rehired after a break in service of not less than thirty (30) days by a participating employer to fill a vacant full-time position of a regular contributing employee in any capacity including, but not limited to, as a contract employee or as an employee of a third party contractor under an agreement with a participating employer, shall notify the board in writing of his election to:
(i) Discontinue retirement benefits and be reinstated as a contributing member; or
(ii) Continue receiving retirement benefits and not be reinstated as a contributing member.
(h) If a retired member is rehired by a participating employer to fill a vacant full-time position of a regular contributing employee in any capacity including, but not limited to, as a contract employee or as an employee of a third party contractor under an agreement with a participating employer, and the retiree is rehired following a break in service of not less than thirty (30) days, the employer shall pay into the account an amount equal to both the members' and employer's contributions required by law under the Wyoming retirement system based upon the retiree's salary. Service by the retiree under this subsection shall not increase retirement benefits under the Wyoming retirement system.
(i) Repealed By Laws 2007, Ch. 78, § 2.
(ii) Repealed By Laws 2007, Ch. 78, § 2.
(j) If any retired member or employer violates subsection
(h) of this section, the board shall immediately cancel the retiree's retirement benefit and shall reinstate that member as a contributing member.
(k) For a general member initially employed after August 31, 2012, early retirement benefits are payable to a general member who has at least four (4) years of service and is at least fifty-five (55) but not yet sixty-five (65) years of age or has at least twenty-five (25) years of service and is not yet fifty-five (55) years of age. The early retirement benefit amount is equal to the normal retirement benefit amount otherwise payable reduced on an actuarial equivalent basis under rules established by the board.
(m) Any vested member who was honorably discharged from the military service of the United States may elect to purchase service credit in the retirement system, subject to the following:
(i) Purchase of service credit shall be as authorized and limited by section 415(c) and 415(n) of the Internal Revenue Code and rules promulgated by the board;
(ii) One (1) year of service credit may be purchased for each year of military service, up to a maximum of eight (8) years;
(iii) Cumulative purchases of service credit under this section and as otherwise authorized under the Wyoming Retirement Act shall not exceed eight (8) years;
(iv) An employee electing to purchase service credit shall pay into the account a single lump-sum amount equal to the actuarial equivalent of the benefits to be derived from the service credit computed on the basis of actuarial assumptions approved by the board and the individual's attained age;
(v) The lump sum may be paid with funds from any source, including rollover contributions, subject to rules and regulations established by the board. Unless received by the retirement system in the form of a direct rollover, the rollover contribution shall be paid to the program not more than sixty (60) days after the date it was received by the member;
(vi) Service credit purchased under this subsection shall not be used to determine vested eligibility to receive benefits under this article;
(vii) Service credit purchased under this subsection shall qualify as service credit defined in W.S. 9-3-402(a)(xxi), 9-3-602(a)(iii), 9-3-702(a)(iii) and 15-5-402(a)(iv) but shall not be used to determine whether a member is a general member initially employed after August 31, 2012.
9-3-416. Members leaving service without withdrawing accumulated contributions eligible for retirement.
Except for law enforcement officers, any member who has left service without withdrawing his accumulated contributions and who has a minimum of four (4) years of service is eligible to receive a retirement benefit computed according to the terms of this article, at the age specified in W.S. 9-3-415(a), (b) or (k). Law enforcement officers leaving service without withdrawing accumulated contributions and who have a minimum of four (4) years of service may receive a retirement benefit amount in accordance with W.S. 9-3-432. Firefighter members leaving service without withdrawing accumulated contributions and who have a minimum of four (4) years of service may receive a retirement benefit amount in accordance with W.S. 9-3-431.
9-3-417. Determination of eligibility for retirement;
board to determine equivalent of years of service; credit for military service.
(a) The board shall determine the total years of service creditable to each member for the purpose of determining eligibility for retirement under this article including law enforcement officers for retirement under W.S. 9-3-432. It may require members to file detailed statements of all service as a covered member and to give other necessary information as a condition to the receipt of benefits under this article.
(b) The board shall determine and adopt appropriate rules and regulations defining how much service in any year is the equivalent of one (1) year of service, but in no case shall it allow credit for more than one (1) year of service for all service rendered within one (1) calendar year. In addition, part-time employment shall be credited as follows, with eighty-six (86) or more hours per month considered full-time employment:
(i) Forty (40) or more but less than eighty-six (86) hours per month--one half (1/2) month credit;
(ii) less than forty (40) hours per month--one quarter (1/4) month credit.
(c) Credit shall be allowed for any period of time after commencement of participation in the retirement program which a member spends in active military or other emergency service of the United States in accordance with rules adopted by the board pursuant to the Uniformed Services Employment and Reemployment Rights Act, 38 U.S.C. 4301 et seq. In accordance with rule and regulation of the board, until June 30, 2018 up to two (2) years of credit allowed under this subsection may be provided at no cost to the member. After June 30, 2010, each state agency, department or institution, including the University of Wyoming and the community colleges shall estimate the amount required for provision of credits under this subsection for the next biennium and shall include the estimate in the agency's biennial budget request. Provision for payment of employer's contributions under this subsection shall be as provided in W.S. 9-3-414.
(d) Repealed by Laws 1994, ch. 67, § 3.
9-3-418. Amount of service retirement benefit; firefighter members excluded.
(a) The normal retirement benefit for a member who first becomes covered under this article after June 30, 1981 and before September 1, 2012 is equal to two and one-eighth percent (2 1/8%) of the highest average salary multiplied by his years of service credit for the first fifteen (15) years of service credit, and two and one-fourth percent (2 1/4%) of the highest average salary multiplied by his years of service credit for any years of service credit exceeding fifteen (15) years.
(b) The retirement benefit for a member with service after March 31, 1953 but prior to July 1, 1981 is equal to the following:
(i) Repealed by Laws 1994, ch. 67, § 3.
(ii) A monthly benefit amount based on the actuarial equivalent of double the member's account with any applicable increase under W.S. 9-3-419; or
(iii) Two and one-eighth percent (2 1/8%) of the member's highest average salary multiplied by his years of service credit for the first fifteen (15) years of service credit, and two and one-fourth percent (2 1/4%) of the member's highest average salary multiplied by his years of service credit for any years of service credit exceeding fifteen (15) years.
(c) Repealed by Laws 1994, ch. 67, § 3.
(d) Repealed by Laws 1994, ch. 67, § 3.
(e) This section does not apply to any firefighter member covered and vested under W.S. 9-3-431 or any law enforcement member covered and vested under W.S. 9-3-432.
(f) Benefits shall not be payable under the system to the extent that they exceed the limitations imposed by section 415(b) of the United States Internal Revenue Code. The board shall provide any benefits in excess of the limitations under special pay plans authorized under W.S. 9-3-405(b) to the extent the benefits can be provided and the system retain qualified plan status under the Internal Revenue Code.
(g) The normal retirement benefit for a member initially employed after August 31, 2012 is equal to two percent (2%) of the highest average salary multiplied by his years of service credit.
(a) The retirement benefit specified under W.S. 9-3-418(b)(ii) is subject to the following cumulative increases:
(i) The benefit for covered service prior to July 1, 1975 is increased by twenty-five percent (25%) with a maximum increase of twenty-five dollars ($25.00) per month;
(ii) The benefit of a member, survivor or beneficiary is increased by forty percent (40%);
(iii) The benefit of a member for service prior to July 1, 1975 is increased by twenty percent (20%).
(iv) Repealed by Laws 1994, ch. 67, § 3.
(v) Repealed by Laws 1994, ch. 67, § 3.
(vi) Repealed by Laws 1994, ch. 67, § 3.
(vii) Repealed by Laws 1994, ch. 67, § 3.
(b) Repealed By Laws 2012, Ch. 107, § 3.
9-3-420. Option as to form of benefit; beneficiary designations.
(a) Subject to uniform rules and regulations the board prescribes, a member may instead of the service retirement benefits provided in this article, elect one (1) of the following forms of retirement benefits which shall be the actuarial equivalent of the benefit to which he would otherwise be entitled:
(i) A one hundred percent (100%) joint and survivor benefit which provides reduced monthly service retirement benefit payments during the retired member's life and upon his death after retirement continues payments in the same reduced amount to a designated beneficiary during the life of the beneficiary;
(ii) A fifty percent (50%) joint and survivor benefit which provides reduced monthly service retirement benefit payments during the retired member's life and upon his death after retirement continues payments, in the amount of fifty percent (50%) of the reduced amount, to the designated beneficiary during the life of the beneficiary;
(iii) A benefit which provides reduced monthly service retirement payments with provision for the continuance of payments for ten (10) years certain and life thereafter. If the retired member dies within ten (10) years after retirement, the remaining guaranteed payments shall be made to his designated beneficiary. This beneficiary may be changed at any time by written notification to the board as provided in subsection (b) of this section;
(iv) The largest possible benefit for life with no lump sum refund or benefit for anyone else upon the retired member's death;
(v) Any other modified monthly service retirement benefit, including any other modified joint and survivor monthly service retirement benefit, actuarially determined, which the board approves.
(b) An election of an optional benefit shall be in writing and filed with the system prior to the first benefit payment. The election is final and not subject to change unless a designated beneficiary dies prior to the first benefit payment, in which case the election is void, the member may designate a new beneficiary and may select a different option.
(c) The retirement benefits payable under optional forms available under this section shall be the actuarial equivalent amount of the normal benefit form under W.S. 9-3-415 and, if applicable, 9-3-431 and 9-3-432.
9-3-421. Death benefits; monthly benefit option; refund of
excess employee contributions plus interest; medical insurance premiums.
(a) If a member dies before retirement under the system, except as provided in subsection (e) of this section, the member's account plus an additional amount equal to the member's account shall be paid to the member's designated beneficiaries, or in the absence of designated beneficiaries to his estate. If the member is vested, instead of a lump sum payment, a beneficiary may elect to receive the actuarial equivalent of the lump sum of any benefit for life which is available to a retired member as provided in this article. A beneficiary, who is the surviving spouse of the deceased member and who elects to receive the actuarial equivalent of the lump sum, as a life benefit may, within eighteen (18) months of the death of the member, elect to receive the lump sum death benefit otherwise provided in this subsection plus interest accumulated on that amount less any payments received by the surviving spouse.
(b) Unless otherwise provided by the benefit option selected by a member pursuant to W.S. 9-3-420, if any member receiving benefits or his beneficiary receiving retirement benefits under this article dies before the total amount of benefits paid to either the member or his beneficiary or both equals the amount of the member's account at retirement, then the excess, if any, shall be paid to any other named beneficiary, if any, or to the member's estate.
(c) A designated beneficiary of a member, by signed affidavit, may request that medical insurance premiums be paid from the member's account balance for a period not to exceed four (4) months after the death of the member or until a benefit option has been elected.
(d) For purposes of determining a member's account under subsections (a) through (c) of this section, if a member dies before the member has vested under the system, the member's account shall consist of the contributions and interest that accrue in the manner for which contributions and interest accrue for a member who is vested.
(e) If a member initially employed on or after July 1, 2019 who is not vested and is not a current employee at the time of death, which occurs before retirement under the system, only the member's account shall be paid to the member's designated beneficiaries, or in the absence of designated beneficiaries to the member's estate.
reports and examinations; amount; options as to form of benefit.
(a) Except as specified for law enforcement officers under W.S. 9-3-432, any member in service who has ten (10) or more years of service credit during which contributions have been paid because of illness or injury outside of or in the scope of employment, or any firefighter member in service for whom contributions have been paid because of injury in the scope of employment, may retire on account of a total or partial disability in accordance with rules and regulations adopted by the board. In determining mental or physical incapacitation for disability retirement under this section, the board may require physician reports, medical examinations, functional capacity evaluations, vocational examinations and other necessary reports and examinations for purposes of this section. The costs of any functional capacity evaluation, vocational examination or other specialized test required under this subsection shall be paid from the retirement account.
(b) Upon retirement for a total disability and except as provided under W.S. 9-3-431(f) and 9-3-432(h), a member shall receive a monthly disability retirement benefit for the period of his disability equal to one hundred percent (100%) of his service retirement benefit under this article as if the member was eligible for normal retirement benefits. Upon retirement for a partial disability, a member shall receive a monthly disability retirement benefit for the period of his disability equal to fifty percent (50%) of the normal retirement benefit payable to the member as if the member were eligible for normal retirement benefits. Disability benefits are payable for the life of the member or until the member is no longer disabled.
(c) Any employee granted disability retirement under this section shall at the time retirement is granted, elect to receive either the benefit authorized by this section or one (1) of the joint and survivor benefit options specified in W.S. 9-3-420.
9-3-423. Disability; medical and other examinations, tests
and evaluations subsequent to retirement; failure to submit to examinations, tests and evaluations; restoration to service; deduction from benefit for excess earnings.
(a) Once each year during the first five (5) years following retirement of a member for disability under the system, and once in every three (3) year period thereafter, the board may require a member who is not eligible for normal retirement benefits pursuant to W.S. 9-3-415(a) or 9-3-431 to undergo a medical examination by a physician designated by the board or any other examination, test or evaluation determined necessary by the board. If the member refuses to submit to a medical or other examination, test or evaluation, his benefit payments shall be discontinued.
(b) If any member receiving a disability benefit under this article is restored to service, the payment of the benefit shall be discontinued, that member shall become a contributing member of the system and all previous years of service credit including the period of the disability retirement, shall be credited to his service for the purpose of determining eligibility under W.S. 9-3-415 or 9-3-431.
(c) If a member is restored to service from disability retirement and subsequently discontinues his employment for any reason other than a recurrence of the original disability, or another disability, he is not entitled to any disability benefit.
(d) Any member receiving a nonduty-connected total or partial disability benefit who has not reached age sixty (60) shall annually report to the board in a form prescribed by the board, his total earnings for the preceding calendar year from any gainful employment for wages and any worker's compensation benefits. Fifty percent (50%) of the excess of any earnings or benefits over the base pay for the position held at the time of disability shall be deducted, in a manner the board determines, from his disability benefit beginning ninety (90) days following the day the report is due. If any member received a disability benefit for less than twelve (12) months in a calendar year for which earnings were reported, the deduction, if any, shall be determined on a pro rata basis.
9-3-424. Refund of contributions upon termination of employment; procedure; redeposit; limitation on refund.
(a) Except as provided in subsection (b) of this section, any member covered by this article, including an at-will contract employee under W.S. 9-2-3207(a)(xi)(F)(III) or (IV), who terminates his employment or any employee of the agricultural extension service of the University of Wyoming who has not elected to continue to be covered by this article is entitled to a refund of his account. In addition, any member who is entitled to a refund who is an at-will contract employee under W.S. 9-2-3207(a)(xi)(F)(III), shall be entitled to a refund of his account plus any employer matching contributions made by that member. In addition, any member who is entitled to a refund who is an at-will contract employee under W.S. 9-2-3207(a)(xi)(F)(IV), shall be entitled to a refund of his account plus any employer matching contributions made by that member. The refunds shall be made only upon written request to the board. A member may elect, at the time and in the manner prescribed by the system, to have the refund of his account paid directly to an eligible retirement plan as specified by the member. Any member who withdraws from the system under this section shall forfeit all rights to further benefits, employer matching contributions and service credit under the system. Any person who later returns to service covered by this article may redeposit a single lump-sum amount equal to the amount of the contributions withdrawn, together with an amount equal to the actuarial equivalent of the benefits to be derived from the redeposit, past employer contributions, the individual's attained age and the benefit structure of the appropriate plan, and upon earning not less than two (2) years service credit, may reestablish his service credits as of the time of withdrawal of his contributions. For service prior to July 1, 2002, any law enforcement member covered under W.S. 9-3-432 may redeposit the amount of contributions withdrawn for service covered under W.S. 9-3-432, in a lump sum, together with interest and the actuarial equivalent of the difference between the benefit provided under W.S. 9-3-415 through 9-3-419 and the benefit provided under W.S. 9-3-432, and upon earning not less than two (2) years service credit, may reestablish his service credit as of the time of withdrawal of his contributions. Any redeposit payment pursuant to this subsection shall be made not later than ten (10) years following the date of reemployment or prior to retirement, whichever first occurs. A member may make a redeposit under this subsection with personal funds or, subject to rules and regulations established by the board, through rollover contributions. Unless received by the system in the form of a direct rollover, the rollover contribution shall be paid to the system on or before sixty (60) days after the date it was received by the member. Unless otherwise permitted by section 401(a)(8) of the Internal Revenue Code, forfeitures shall not be applied to increase the benefits that any employee would otherwise receive under the system.
(b) No member is entitled to a refund of any contributions if he is employed for a salary by an employer.
9-3-425. Right of members retired under terminated systems
to retirement benefits from account; no prohibition to increase provided in W.S. 9-3-419. Any member retired under one (1) of the terminated systems or continued in retirement under the system is entitled to receive service or disability retirement benefits from the retirement account in accordance with the terminated systems. This section does not prohibit an increase in benefits as provided for in W.S. 9-3-419(a).
9-3-426. Benefits, allowances and contents of account
exempt from taxation and not subject to execution or attachment; assignment limited; qualified domestic relations order; system assets.
(a) The benefits and allowances and the cash and securities in the account created by this article:
(i) Are exempt from any state, county or municipal tax of this state;
(ii) Are not subject to execution or attachment by trustee process or otherwise, in law or equity, or under any other process whatsoever;
(iii) Shall not be used for any purpose other than a purpose specified in W.S. 9-3-407(c); and
(iv) Are not assignable except as specifically provided in this article.
(b) Repealed by Laws 1993, ch. 149, § 2.
(c) The retirement system including the Wyoming state highway patrol, game and fish warden and criminal investigator retirement program, any paid firemen's pension plan established under the firemen's pension account created by W.S. 15-5-202 and any plan through the volunteer firefighter, EMT and search and rescue pension account established under W.S. 35-9-617, shall pay retirement benefits in accordance with any qualified domestic relations order for the payment of a specified percentage of a member's benefits or account to an alternate payee, for a specified number of payments or period of time and from a specified retirement plan. Upon request of the alternate payee, a lump sum refund of the alternate payee's percentage of the member's account shall be paid pursuant to the qualified domestic relations order. Acceptance by the alternate payee of the lump sum refund terminates his right to any further payment or benefit provided by the retirement system. Notwithstanding any other provision of law, the retirement system is exempt from the qualified order unless:
(i) Benefits are paid pursuant to the amount, type, form and options otherwise available under the retirement system and except as otherwise provided under this subsection, are paid upon or after the member's retirement or separation from service; and
(ii) Joint survivor benefit options are not available to alternate payees.
(iii) Repealed by Laws 1995, ch. 89, § 2.
(d) The board shall review submitted domestic relations orders and shall promulgate rules and regulations for the determination of the qualified status of a submitted order and for the administration of distributions under the qualified order. Upon a determination that an order is qualified, the board shall notify the participating member and the named alternate payee of the qualified order.
(e) For purposes of this section, "qualified domestic relations order" means any judgment, decree or order including approval of a property settlement agreement, which:
(i) Relates to the provision of child or spousal support or to marital property rights of a spouse, former spouse, child or other dependent of a member;
(ii) Is made pursuant to the domestic relations law of any state; and
(iii) Creates or recognizes the existence of an alternate payee's right to, or assigns to an alternate payee the right to, receive all or a part of the member's account or of the benefits payable to the member.
The establishment of any annuity plan, limited service plan, pension or retirement system other than that provided by this article by any department, board, bureau or agency of the state or by any political subdivision of the state is prohibited, except this prohibition does not apply to the Wyoming state highway patrol, game and fish warden and criminal investigator retirement program. Any county memorial hospital or special hospital district that elects to participate in the state retirement system shall not otherwise participate in any other retirement system.
9-3-428. Construction of article; limitation of liability of state; termination of system.
(a) Nothing in this article shall be construed to:
(i) Acknowledge any past, present or future liability of or obligate the state of Wyoming for contribution except the employer's contributions provided for in this article, to either the Wyoming retirement system provided by this article or any other retirement system previously existing in the state of Wyoming; or
(ii) Constitute a contract or binding obligation of any kind whatsoever or, except as provided in subsection (b) of this section to create or grant any vested right or interest in any individual, corporation or body politic.
(b) If the system is terminated, all affected members have a nonforfeitable interest in their benefits that were accrued and funded to date. The value of the accrued benefits to be credited to the account of each affected member shall be calculated as of the date of termination.
(c) Subject to subsection (a) of this section and W.S. 9-3-429(b), the legislature declares its intent that the system is intended to be a permanent system and has not been created for the purpose of income tax benefits.
9-3-429. False statements and records prohibited; right to modify article.
(a) Any person who knowingly makes a false statement or falsifies or permits to be falsified any record used in the administration of this article, in an attempt to defraud the board, is guilty of a misdemeanor.
(b) The right to alter, amend or repeal this article or any provision thereof is reserved to the legislature.
9-3-430. Application for benefits; benefit payment effective dates; minimum distribution rules.
(a) A member shall submit a written application for benefits to the system before benefits shall begin. The written application for benefits shall be on forms adopted by the board.
(b) Benefits are payable the last day of the month following the month in which the member's final contributions and employer contributions are remitted to the system and the member has submitted a complete and accurate application under subsection (a) of this section. Retirement is effective the day following the member's last working day in the system or anytime after that time when the member qualifies under W.S. 9-3-415, 9-3-416 or 9-3-431.
(c) Benefit payments under the system shall begin by the later of April 1 of the calendar year following the year in which the member reaches age seventy and one-half (70 1/2) years or retires. The member's entire interest in the system shall be distributed over the life of the member or the lives of the member and a designated beneficiary, over a period not extending beyond the life expectancy of the member or the life expectancy of the member and designated beneficiary. If a member dies after distribution of benefits has begun, the remaining portion of the member's interest shall be distributed at least as rapidly as under the method of distribution prior to the member's death. If a member dies before distribution of benefits has begun, the entire interest of the member shall be distributed within five (5) years of the member's death. The five (5) year payment rule shall not apply to any portion of the member's interest which is payable to a designated beneficiary over the life or life expectancy of the beneficiary and which begins within one (1) year after the date of the member's death. The five (5) year payment rule shall not apply to any portion of the member's interest which is payable to a surviving spouse payable over the life or life expectancy of the spouse which begins not later than the date the member would have reached age seventy and one-half (70 1/2) years. The board may by rule and regulation modify distributions under this section in order to provide minimum distributions required by section 401(a)(9) of the Internal Revenue Code or as otherwise necessary to retain qualified plan status under the Internal Revenue Code.
(d) This section applies to benefits payable under W.S. 9-3-432.
eligibility; service and disability retirement benefits; termination of benefits upon failure to make timely contribution payments.
(a) In addition to contributions paid under W.S. 9-3-412 and 9-3-413, each firefighter member shall pay into the account nine and sixty-five hundredths percent (9.65%) of his salary to qualify for benefits under this section. The employer of the firefighter member may pay any or all of the employee contributions imposed under this subsection. The board may increase the contribution percentage required under this subsection by not more than one percent (1%), as necessary to maintain the actuarial integrity of the account as affected by benefits payable under this section. Payments under this subsection shall be made monthly to the account in accordance with W.S. 9-3-412 and 9-3-413.
(b) Normal retirement benefits are payable under this section to any firefighter member who:
(i) Has at least four (4) years of service credit as a firefighter member and is at least sixty (60) years of age;
(ii) Has at least twenty-five (25) years of service credit as a firefighter member and is at least fifty (50) years of age; or
(iii) Is at least fifty-five (55) years of age and has a combined total years of age and years of service credit as a firefighter member which equals not less than seventy-five (75).
(c) Early retirement benefits are payable under this section to any firefighter member who:
(i) Has at least four (4) but less than twenty-five (25) years of service credit as a firefighter member and is at least fifty (50) but less than sixty (60) years of age; or
(ii) Is less than fifty (50) years of age and has at least twenty-five (25) years of service credit as a firefighter member.
(d) The early retirement benefit amount payable under subsection (c) of this section is equal to the normal retirement benefit amount payable under subsection (b) of this section reduced to an actuarial equivalent amount as prescribed by rule and regulation of the board.
(e) The normal benefit for a firefighter member under this section is equal to two and one-half percent (2 ½%) of the highest average salary, as defined by W.S. 9-3-402(a)(xix)(A), multiplied by the member's years of service credit as a firefighter member.
(f) Upon retirement for a partial or total disability as determined and for which the member otherwise qualifies under W.S. 9-3-422, a firefighter member shall receive a monthly disability retirement benefit for the period of qualified disability equal to sixty-five percent (65%) of his salary at the time the disability was incurred. Disability benefits are payable under this subsection for the life of the firefighter member or until the firefighter member is no longer disabled. The firefighter member is subject to reporting, evaluation and excess earnings deduction requirements imposed under W.S. 9-3-423.
(g) The firefighter member retirement benefit program established under this section shall be discontinued by the board, and retirement benefits prescribed under this section shall be discontinued, if at any time contributions for all firefighter members required under subsection (a) of this section are not paid monthly to the retirement system when due as required by subsection (a) of this section. Upon termination of benefits under this subsection, the retirement benefits for firefighter members shall revert to and be paid under W.S. 9-3-415 and as otherwise prescribed for general members under this article. The firefighter member retirement program may be reactivated following application to and approval by the board and payment of the required contributions to cover both normal costs and any additional liability accruing during the period of program termination as determined by the system actuary. If benefits are terminated and not reactivated under this subsection, a firefighter member may receive additional benefits in proportion to the additional contributions paid on his behalf under this section, as determined by the system's actuary.
(h) Benefits shall not be payable under the system to the extent that they exceed the limitations imposed by section 415(b) of the Internal Revenue Code. The board shall provide any benefits in excess of the limitations under special pay plans authorized under W.S. 9-3-405(b) to the extent the benefits can be provided and the system retain qualified plan status under the Internal Revenue Code.
9-3-432. Law enforcement officers; contributions; benefit
eligibility; service and disability benefits; death benefits; benefit options.
(a) Each law enforcement officer shall pay into the account eight and six-tenths percent (8.6%) of his salary through June 30, 2024, nine and one-half percent (9.5%) of his salary through June 30, 2025, ten and four-tenths percent (10.4%) of his salary through June 30, 2026 and thereafter eleven and three-tenths percent (11.3%) of his salary to fund benefits provided to law enforcement officers. Any contribution required under this subsection or subsection (b) of this section shall be paid by the employer from the source of funds used to pay officer salaries in order to be treated as employer contributions for the sole purpose of determining tax treatment under the United States Internal Revenue Code, § 414(h). These payments by the employer are subject to W.S. 9-3-412(c).
(b) Each employer of a law enforcement officer covered under this article shall pay into the account a contribution equal to eight and six-tenths percent (8.6%) of the salary paid through June 30, 2024, nine and one-half percent (9.5%) of his salary through June 30, 2025, ten and four-tenths percent (10.4%) of his salary through June 30, 2026 and thereafter eleven and three-tenths percent (11.3%) of the salary paid to each of its law enforcement officers covered under this article and may pay into the account any amount of the officer's share of contributions under subsection (a) of this section. Payments under this subsection shall be made monthly to the account in accordance with W.S. 9-3-413 and are subject to the penalties imposed under W.S. 9-3-413 for delinquent contributions. No additional contribution shall be imposed upon the state, any city, town or county for benefits provided law enforcement officers under this article.
(c) Normal retirement benefits are payable under this section to any law enforcement officer who:
(i) Has at least four (4) years of service credit as a law enforcement officer and is at least sixty (60) years of age; or
(ii) Has at least twenty (20) years of service credit as a law enforcement officer regardless of age.
(d) Early retirement benefits are payable to any law enforcement officer who has at least four (4) years but less than twenty (20) years of service credit and is at least fifty (50) years of age.
(e) The normal retirement benefit for a law enforcement officer under this section is equal to two and one-half percent (2.5%) of the highest average salary multiplied by the years of the officer's service credit, as determined under W.S. 9-3-417. The benefit under this subsection shall not exceed seventy-five percent (75%) of the officer's highest average salary. Notwithstanding W.S. 9-3-402(a)(xix), "highest average salary" as used in this section means the average annual salary of a law enforcement officer for the highest paid five (5) continuous years of service.
(f) The early retirement benefit payable under subsection
(d) of this section is equal to the normal retirement benefit payable under subsection (e) of this section reduced to an actuarial equivalent amount as prescribed by rule and regulation of the board.
(g) Repealed By Laws 2012, Ch. 107, § 3.
(h) Notwithstanding W.S. 9-3-422, any law enforcement officer in service for which contributions have been paid because of a duty connected illness or injury, or except as otherwise provided under this subsection, any law enforcement officer with ten (10) years of service credit under this article because of a nonduty connected illness or injury, may retire on account of a total or partial disability in accordance with rules and regulations adopted by the board. Any law enforcement officer previously covered under W.S. 15-5-301 through 15-5-314 and transferred under this article may because of a nonduty connected illness or injury and regardless of the number of years of service credit under this article, retire on account of total or partial disability. The board shall determine mental or physical incapacitation for disability retirement under this section in accordance with W.S. 9-3-422(a) and rules and regulation of the board, and the cost of any required examination or test shall be paid as provided by W.S. 9-3-422 and rule and regulation of the board. Any law enforcement officer receiving a nonduty-connected disability benefit under this section is subject to reporting, evaluation and excess earnings deduction requirements imposed under W.S. 9-3-423 and rule and regulation of the board. Upon retirement for a disability as determined and for which a member qualifies under this section, a law enforcement officer shall for the life of the officer or until the officer is no longer disabled, receive:
(i) For a partial or total duty connected disability incurred, a monthly retirement benefit for the period of qualified disability equal to sixty-two and one-half percent (62.5%) of his salary at the time the disability was incurred;
(ii) For a partial or total nonduty connected disability incurred, a monthly retirement benefit for the period of qualified disability equal to fifty percent (50%) of his salary at the time the disability was incurred.
(j) Notwithstanding W.S. 9-3-421, any surviving spouse of an officer:
(i) Who dies in the scope of employment shall receive a monthly death benefit payment equal to the greater of sixty-two and one-half percent (62.5%) of the officer's salary or two and one-half percent (2.5%) of the officer's salary multiplied by the years of the officer's service credit, as determined under W.S. 9-3-417, plus six percent (6%) of that salary for each child under age eighteen (18), not to exceed one hundred percent (100%) of the officer's salary;
(ii) Who dies outside of the scope of employment but before receiving retirement benefits under this section shall receive a monthly nonduty death benefit payment equal to fifty percent (50%) of the officer's salary, plus six percent (6%) of that salary for each child under age eighteen (18), not to exceed one hundred percent (100%) of the officer's salary;
(iii) Who retired under W.S. 15-5-301 through 15-5-314 shall, notwithstanding any other provision in this subsection, receive a monthly pension equal to two-thirds (2/3) of the pension the retired law enforcement officer was receiving at the time of the officer's death, plus six percent (6%) of the officer's salary for each child under age eighteen (18), not to exceed one hundred percent (100%) of the officer's salary;
(iv) Who is killed in the line of duty on or after January 1, 2024 shall, notwithstanding paragraph (i) of this subsection, receive a monthly death benefit payment of ninety-percent (90%) of the officer's salary, plus six percent (6%) of that salary for each child under age eighteen (18);
(k) Except as provided by subsection (j) of this section, benefits specified under W.S. 9-3-421 apply to beneficiaries of a deceased officer covered under this article.
(m) Instead of the service retirement benefits provided under this section, any officer may elect one (1) of the forms of retirement benefits specified under W.S. 9-3-420. Unless otherwise provided by a benefit option selected by the officer under W.S. 9-3-420, if an officer receiving benefits or his beneficiary receiving benefits under this section dies before the total amount of benefits paid to either the member or his beneficiary or both equals the amount of the officer's account at retirement, then the excess, if any, shall be paid to any other named beneficiary, if any, or to the officer's estate.
(n) Benefits shall not be payable under the system to the extent that they exceed the limitations imposed by section 415(b) of the Internal Revenue Code. The board shall provide any benefits in excess of the limitations under special pay plans authorized under W.S. 9-3-405(b) to the extent the benefits can be provided and the system retain qualified plan status under the Internal Revenue Code.
(o) Any peace officer as defined by W.S. 6-1-104(a)(vi)(P), and any full-time state park ranger who is employed as a full-time state park ranger before July 1, 2023 and who elects to continue participating in the Wyoming Retirement Act as a general member, shall be eligible for disability benefits and death benefits under this section if the peace officer's disabilities or death are duty connected. Contributions for the benefits under this section shall be paid as follows:
(i) The department of state parks and cultural resources shall pay into the account from general or nongeneral fund sources a contribution equal to one percent (1%) of the salary paid to the officer. No additional contribution shall be imposed upon the state for benefits provided peace officers under this subsection;
(ii) Contributions under this subsection shall be made monthly to the account in accordance with W.S. 9-3-413 and are subject to the provisions of W.S. 9-3-413 for delinquent contributions;
(iii) Contributions under this subsection shall be paid by the employer from the source of funds used to pay peace officer salaries in order to be treated as employer contributions for the sole purpose of determining tax treatment under the United States Internal Revenue Code, § 414(h).
(p) As used in subsection (j) of this section, the officer's salary for purposes of determining death benefit payments shall be equal to the greater of:
(i) The officer's highest average salary at the time of death, as defined in subsection (e) of this section; or
(ii) The officer's final actual salary at the time of death, which means the gross salary paid to the officer during the last full month of credited service.