§ 15-5-302 — Pension fund; contributions; salary deductions; unfunded liability; city or town and state responsibilities; adjustment of contributions

Wyoming § 15-5-302

• Jurisdiction: Wyoming
• Title 15: Cities and Towns
• Ch. 5: FIRE AND POLICE DEPARTMENTS
• Art. 3: POLICEMEN PENSIONS AND DEATH BENEFITS

Text

(a) The city or town shall contribute annually to the
existing account an actuarially determined amount which combined
with the police officers' contributions, or contributions made
on his behalf, will be sufficient to meet the normal costs of
the account. The proceeds from the contribution shall be placed
with the city treasurer in the existing account within the
policemen pension fund. In addition, in accordance with
subsection (f) of this section, the city treasurer may deduct
from the salary of each police officer employed prior to July 1,
1981, an amount not to exceed eight percent (8%) of the monthly
compensation payable to that officer and, if deducted, shall
place it in the existing account within the policemen pension
fund. In lieu of deducting from the salary of each police
officer the amount specified in this subsection, the city
treasurer may, upon approval by the governing body of the city
or town, contribute a like amount into the policemen pension
fund.
(b) Notwithstanding the provisions of subsection (a) of
this section, the city treasurer may deduct from the salary of
each police officer employed after June 30, 1981 an amount
specified by the board, which shall be actuarially determined.
Each city or town shall contribute an amount equal to the amount
contributed by each police officer, or by the city or town on
behalf of the police officer, under this subsection. All
contributions under this subsection shall be deposited in the
new account within the policemen pension fund.
(c) Repealed By Laws 2010, Ch. 69, § 204.
(d) Repealed By Laws 2010, Ch. 69, § 204.
(e) In addition to other contributions imposed under this
section, each city or town and each police officer shall
contribute an equal amount to the account, specified by the
board, which shall be actuarially determined, to meet the costs
to the account for providing benefits under W.S. 15-5-309.
(f) Annually, not later than November 1, based on an
actuarial determination in writing, the board shall notify the
city treasurer in writing of the amount of contributions to
deduct from the salary of each police officer specified in
subsection (a) of this section. Contributions shall be adjusted
effective January 1 following, and in accordance with, the
board's notice to the city treasurer. The contributions shall
remain in effect for the next succeeding calendar year. In no
case shall contributions be less than eight percent (8%) in any
year, if the fund is not funded one hundred percent (100%) on an
actuarial basis as certified to the board in writing by an
enrolled actuary.