§ 9-3-508 — Amount of state's contribution; qualified annuity plan contributions authorized; estimates submitted to state budget officer

Wyoming § 9-3-508

• Jurisdiction: Wyoming
• Title 09: Administration of the Government
• Ch. 3: COMPENSATION AND BENEFITS
• Art. 5: DEFERRED COMPENSATION PROGRAM

Text

(a) The state shall contribute monthly to the program the
amount established and appropriated by the legislature for each
employee and official contributing to and participating in the
program in accordance with subsections (b) and (c) of this
section, except that there shall be no state contribution for
any member of the legislature eligible for participation in the
program solely in his capacity as a state legislator. Any
legislative appropriation under any act adopted by the
legislature for contributions under this section shall be
expended solely for the purposes specified in this section
during the budget period for which the appropriation is made and
shall not be carried forward for contributions in succeeding
budget periods.
(b) Any state agency, department or institution including
the University of Wyoming and the community colleges in the
state, shall pay monthly to the board the amount established and
appropriated by the legislature for each qualified employee or
official participating in the program. For purposes of this
subsection, "qualified employee or official" means any employee
or official contributing monthly to the program through salary
deferrals in an amount equal to or greater than the amount
specified. To qualify for the state contribution available
pursuant to subsection (a) of this section, the employee or
official shall contribute monthly to the program from their
salary an amount not less than the per person amount established
and appropriated by the legislature under subsection (a) of this
section.
(c) Each state agency, department and institution shall
estimate the amount required for its participation in the
program for the next biennium and shall submit the estimate to
the state budget officer to be included within the budget
request.
(d) For any qualified employee electing contributions
under this subsection instead of under subsections (a) and (b)
of this section, the University of Wyoming and the community
colleges shall contribute monthly to a qualified annuity plan
under 26 U.S.C. 403(b) for the qualified employee subject to the
following:
(i) The amount computed shall be equal to the amount
established and appropriated by the legislature under
subsections (a) and (b) of this section;
(ii) "Qualified employee" as used in this subsection
means any employee contributing to a qualified annuity plan
under 26 U.S.C. 403(b) in an amount equal to or greater than the
amount specified under paragraph (d)(i) of this section;
(iii) The university and the Wyoming community
college commission shall estimate the amount required for
respective participation under this subsection for the next
biennium and shall submit the estimate to the state budget
officer to be included within the budget request.