§ 9-3-617 — Refund of contributions upon termination of employment; redeposit of withdrawn contributions; purchase of service credits

Wyoming § 9-3-617

• Jurisdiction: Wyoming
• Title 09: Administration of the Government
• Ch. 3: COMPENSATION AND BENEFITS
• Art. 6: STATE HIGHWAY PATROL, GAME

Text

(a) Except as provided in this subsection and subsection
(c) of this section, any employee covered by this article who
terminates his employment and elects not to continue to be
covered by the retirement program is entitled to a refund of his
member account together with the regular rate of interest
specified by the retirement board. Commencing July 1, 2019 for
an employee who has fewer than six (6) years of service, no
interest shall accrue to the member account during any period in
which the employee is not employed by a participating employer.
Refunds may be made only upon written request to the board. Any
employee who withdraws from the retirement program under this
subsection shall forfeit all rights to further benefits,
employer contributions and service credit under this article.
(b) Any employee who later returns to service covered
under this article may redeposit the amount of the contributions
withdrawn, in lump sum, together with interest, and upon earning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. 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.
(c) No employee is entitled to a refund of any
contributions if he is employed for a salary by an employer
subject to this article.
(d) Any employee may elect to purchase up to five (5)
years of service credit for full-time employment in law
enforcement which is performed for another state or political
subdivision of another state, the federal government or for any
public law enforcement agency in Wyoming as authorized and
limited by section 415(c) and 415(n) of the Internal Revenue
Code and if the employee does not vest in any retirement plan of
the agency for which the prior service being purchased was
earned. Any 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 and
average salary for the highest three (3) continuous years of
covered service. The lump sum may be paid with personal funds
or, subject to rules and regulations established by the board,
through rollover contributions. Unless received by the
retirement program in the form of a direct rollover, the
rollover contribution shall be paid to the program on or before
sixty (60) days after the date it was received by the member.
Service credit purchased under this subsection shall not be used
to determine vested eligibility to receive benefits under this
article.