§ 9-3-405 — Retirement board duties and powers

Wyoming § 9-3-405

• Jurisdiction: Wyoming
• Title 09: Administration of the Government
• Ch. 3: COMPENSATION AND BENEFITS
• Art. 4: RETIREMENT

Text

(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.