§ 9-3-509 — Enrollment of state employees in the plan; notice to employee; contribution rate; investment of funds by retirement system; withdrawal period; plan document to provide for automatic enrollment

Wyoming § 9-3-509

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

Text

(a) On and after July 1, 2015, a person who begins
employment, or returns to employment after a break in service,
with any state agency, department or institution which utilizes
the state auditor's office for payroll services, including the
legislature and the judiciary, and who is otherwise eligible to
participate in the program, shall be automatically enrolled in
the program as provided in this section.
(b) An employee enrolled in the program under this section
shall have:
(i) An opt out period in which the employee may elect
to not participate in the program. No contribution shall be
made to the program by or on behalf of the employee during the
pendency of the opt out period. An employee's opt out period
shall begin thirty (30) days after enrollment in the program;
and
(ii) A ninety (90) day permissible withdrawal period
from the program beginning on the date of the employee's first
contribution to the program. An employee may withdraw his total
account balance from the program within the permissible
withdrawal period.
(c) An employee automatically enrolled in the program
under this section shall contribute three percent (3%) of the
employee's monthly pre-tax includible compensation to the
employee's account under the program after the expiration of the
employee's opt out period provided in paragraph (b)(i) of this
section. An employee automatically enrolled in the program
under this section may elect in writing to change the employee's
contribution rate pursuant to the plan document as defined in
W.S. 9-3-502(a).
(d) After the expiration of an employee's ninety (90) day
permissible withdrawal period, the retirement system shall
invest all contributions made by or on behalf of an employee
enrolled in the program pursuant to this section in an age
appropriate investment plan based on the projected retirement
date of the employee as determined by the retirement system.
During the pendency of an employee's permissible withdrawal
period provided in paragraph (b)(ii) of this section, the
retirement system shall invest all contributions made by or on
behalf of the employee enrolled in an investment plan with
limited exposure to market volatilities as determined by the
retirement system. An employee enrolled in an investment plan
may change investment plans or otherwise invest funds in his
account in the same manner as all other participants in the
program.
(e) The board shall provide notice in writing to an
employee automatically enrolled in the program. Notice under
this subsection shall include:
(i) The employee's ability to opt out of the program
as provided in paragraph (b)(i) of this section;
(ii) The employee's ninety (90) day permissible
withdrawal period from the program provided in paragraph (b)(ii)
of this section;
(iii) The employee's automatic level of contribution
to the program; and
(iv) The investment plans the employee will be
enrolled in within the program during the pendency of the ninety
(90) day permissible withdrawal period and following the
expiration of the permissible withdrawal period.
(f) An employee enrolled in the program under this section
shall have the same rights to participate in the program as all
other participants in the program.
(g) The board shall effectuate the purposes of this
section in the plan document.
(h) Failure to provide notice under subsection (e) of this
section shall not give rise to any additional obligation or
liability on the part of the state or the program.
(j) This section shall not apply to any member of the
legislature participating in the program solely in his capacity
as a state legislator.