(a)For any participating member attaining the retirement
age and service requirements as specified under subsection (d)
of this section, the board shall authorize a monthly payment to
the member during the member's remaining lifetime of an amount
equal to sixteen dollars ($16.00) per year of service for the
first ten (10) years of service and nineteen dollars ($19.00)
per year of service over ten (10) years of service.
(b)When any participating member or retired member dies,
the board shall immediately authorize payment monthly to the
member's surviving spouse during the spouse's remaining lifetime
of an amount equal to sixty-six percent (66%) of the member's
monthly benefit as provided in this section, if the deceased
member had at least five (5) years of active participation in
the pen
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(a) For any participating member attaining the retirement
age and service requirements as specified under subsection (d)
of this section, the board shall authorize a monthly payment to
the member during the member's remaining lifetime of an amount
equal to sixteen dollars ($16.00) per year of service for the
first ten (10) years of service and nineteen dollars ($19.00)
per year of service over ten (10) years of service.
(b) When any participating member or retired member dies,
the board shall immediately authorize payment monthly to the
member's surviving spouse during the spouse's remaining lifetime
of an amount equal to sixty-six percent (66%) of the member's
monthly benefit as provided in this section, if the deceased
member had at least five (5) years of active participation in
the pension account. If a participating member dies with less
than five (5) years of active participation in the pension
account, the board shall immediately authorize payment monthly
to the member's spouse, during the spouse's remaining lifetime,
of an amount equal to sixty-six percent (66%) of the equivalent
of the deceased member's benefit as if the member had attained
five (5) years of active participation in the pension account.
(c) When any participating member or retired member and
the participating member's or retired member's spouse die with
children who have not attained the age of twenty-one (21) years,
the board shall immediately authorize payment monthly to the
lawful guardians of the children of an amount equal to a
proportional share of thirty-three percent (33%) of the member's
benefit as provided in this section, if the deceased member had
at least five (5) years of active participation in the pension
account. If a participating member or retired member and the
participating member's or retired member's spouse die with
children who have not attained the age of twenty-one (21) years,
and the deceased member had less than five (5) years of active
participation in the pension account, the board shall
immediately authorize payment monthly to the lawful guardians of
the children of an amount equal to a proportional share of
thirty-three percent (33%) of the equivalent of the deceased
member's benefit as if the member had attained five (5) years of
active participation in the pension account.
(d) Members who begin to participate in the pension
account prior to attaining the age of fifty-five (55) years
shall be eligible for retirement at sixty (60) years of age, if
the member has at least five (5) years of active participation
in the pension account. Members who begin participation in the
pension account after attaining the age of fifty-five (55) years
shall be eligible for retirement after participating in the
pension account for at least five (5) years.
(e) A volunteer firefighter or volunteer EMT is a
participating member under this article for each month a
contribution of eighteen dollars and seventy-five cents ($18.75)
is made by or on behalf of the member. A volunteer search and
rescue person is a participating member under this article for
each month a contribution of thirty-seven dollars and fifty
cents ($37.50) is made by or on behalf of the member. For
purposes of eligibility for benefits under subsections (b) and
(c) of this section, a volunteer firefighter, EMT or search and
rescue person is a participating member beginning the first
month following the month in which the required monthly payment
and any required application for participation is actually
received by the Wyoming retirement system. To continue as a
participating member, subsequent monthly payments shall be
received by the Wyoming retirement system not later than three
(3) months following the close of the calendar month for which
the payments are applicable. With the consent of and upon any
terms and conditions established by the board, payments may be
accepted at an earlier or later date. The board shall maintain
full and complete records of the contributions made on behalf of
each participating member and on request, shall furnish any
participating member a statement of the contribution amounts and
the dates for which contributions were received. If
contributions have varied in amount, the board may make
appropriate adjustments in the benefits awarded. In making any
adjustment, the board shall be guided by actuarial practice to
afford substantial equity to members of the pension account. No
penalty shall be imposed upon any participating member
transferring employment in Wyoming if required payments are made
on a timely basis.
(f) A participating member may withdraw from the pension
account and upon withdrawal shall be paid an amount equal to the
amount contributed into the member's account together with
interest at the rate of three percent (3%) per annum compounded
annually.
(g) If a member with less than five (5) years of active
participation in the pension account fails to provide
contributions to the account as provided in subsection (e) of
this section, the member's account shall be deemed delinquent.
No interest shall accrue on delinquent accounts. A member's
account that remains delinquent for nine (9) months shall be
closed and the associated funds shall revert into the pension
account. A member whose account is closed pursuant to this
subsection who subsequently reenrolls in the pension account
shall be entitled to a refund equal to the amount that was
reverted into the pension account upon the closing of the
member's delinquent account.
(h) The board shall authorize benefit payments from the
account in accordance with qualified domestic relations orders
pursuant to W.S. 9-3-426.
(j) Any participating member with at least five (5) years
of participation in the pension account who retires from active
service as a volunteer firefighter, EMT or search and rescue
person before reaching retirement age and does not withdraw from
the pension account as provided in subsection (f) of this
section shall be entitled to a monthly benefit payment as
provided in subsection (a) of this section upon reaching the
retirement age specified in subsection (d) of this section. A
member with ten (10) or more years of active participation in
the pension account may choose to remove himself from active
service as a volunteer firefighter, EMT or search and rescue
person and continue to contribute to the pension account for an
amount of time not to exceed the total number of years the
member was an active participant in the pension account, as
provided in subsection (e) of this section and rules promulgated
by the board.
(k) The board shall adopt rules to allow service for any
period of time, after commencement of participation under this
article, which a participating member spends in active uniformed
service of the United States as required by the Uniformed
Services Employment and Reemployment Rights Act, 38 U.S.C. 4301
et seq. to count towards a member's years of active
participation.
(m) Upon the death of any participating member, a death
benefit shall be paid from the deceased member's account in the
following manner and amount:
(i) A lump sum payment of five thousand dollars
($5,000.00) or the amount in the deceased member's account,
whichever is greater, to the estate of a deceased member without
a survivor eligible for a benefit under subsection (b) or (c) of
this section;
(ii) If a spouse who is eligible to receive a benefit
under subsection (b) of this section dies, an amount equal to
five thousand dollars ($5,000.00) less the total amount of
benefits received under subsection (b) of this section or the
amount remaining in the deceased member's account, whichever is
greater, shall be paid to the spouse's estate unless the spouse
is survived by a person eligible to receive a benefit under
subsection (c) of this section;
(iii) When the last person under the age of
twenty-one (21) years who is eligible for the benefit provided
by subsection (c) of this section dies or attains the age of
twenty-one (21) years, an amount equal to five thousand dollars
($5,000.00) less the total amount of benefits received under
subsections (b) and (c) of this section or the amount remaining
in the deceased member's account, whichever is greater, shall be
paid in equal shares to each of the children alive on that date;
(iv) For former members of the volunteer firemen's
account created pursuant to W.S. 35-9-602(a) who contributed
five dollars ($5.00) per month before July 1, 1989, the
appropriate benefit shall be determined by substituting two
thousand five hundred dollars ($2,500.00) for five thousand
dollars ($5,000.00) in paragraphs (i) through (iii) of this
subsection.
(n) Cost of living increases may be recommended by the
board for retirees of the pension account pursuant to W.S.
9-3-454(a).
(o) Retired recipients of the account and their survivors
shall receive any benefit increases provided to members of the
account.