§ 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(c) Repealed By Laws 2001, Ch. 38, § 2.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.