§ 9-3-707 — Amount of benefit; adjustments

Wyoming § 9-3-707

• Jurisdiction: Wyoming
• Title 09: Administration of the Government
• Ch. 3: COMPENSATION AND BENEFITS
• Art. 7: JUDICIAL RETIREMENT

Text

(a) Any employee who has left service covered under this
act, and who has not withdrawn his accumulated contributions, is
eligible to receive a retirement allowance computed according to
the terms of this act at the age specified in W.S. 9-3-706. The
service retirement allowance payable to an employee under this
act is subject to the following:
(i) The amount shall be equal to the percentage
computed under paragraph (ii) of this subsection times the
employee's highest average salary as defined in W.S.
9-3-702(a)(vii);
(ii) For the purposes of making the computation under
paragraph (i) of this subsection, the percentage shall be
computed based upon the sum of the following for credited
service:
(A) Four percent (4%) for each of the first five
(5) years of credited service;
(B) Three percent (3%) for each year from and
including the sixth year through the fifteenth year of credited
service;
(C) Two percent (2%) for each year from and
including the sixteenth year through the twentieth year of
credited service;
(D) One percent (1%) for each year from and
after the twenty-first year of credited service.
(iii) Repealed by Laws 2008, Ch. 21, § 2.
(iv) For an employee retired for disability, W.S.
9-3-422(a) and (b) apply with respect to computing the amount of
the benefit.
(b) Repealed By Laws 2012, Ch. 107, § 3.
(c) W.S. 9-3-430 applies to this act.
(d) Benefits shall not be payable under the program to the
extent that they exceed the limitations imposed by section
415(b) of the Internal Revenue Code. The board shall provide
any benefits in excess of the limitations under special pay
plans authorized under W.S. 9-3-405(b) to the extent the
benefits can be provided and the program retain qualified plan
status under the Internal Revenue Code.