§ 9-3-428 — Construction of article; limitation of liability of state; termination of system

Wyoming § 9-3-428

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

Text

(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.