§ 9-3-424 — Refund of contributions upon termination of employment; procedure; redeposit; limitation on refund

Wyoming § 9-3-424

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

Text

(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contributions withdrawn, together with an amount equal to the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amount of contributions withdrawn for service covered under W.S.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.