2012 Wyoming Statutes
TITLE 9 - ADMINISTRATION OF THE GOVERNMENT
CHAPTER 3 - COMPENSATION AND BENEFITS
9-3-707. Amount of benefit; adjustments.

(a) Any employee who has left service covered under this act, and who has not withdrawn his accumulated contributions, is eligible to receive a retirement allowance computed according to the terms of this act at the age specified in W.S. 9-3-706.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(iii) Repealed by Laws 2008, Ch. 21, 2.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) Effective July 1, 2000, and on each July 1 thereafter, any service retirement allowance or survivor benefit received by eligible individuals under this act shall be adjusted as follows:

(i) Before each July 1, the board shall determine the percentage increase in the cost of living for the preceding calendar year. The percentage increase in the cost of living for a calendar year is equal to the annual percentage increase in the cost of living as of the immediately preceding January 1, as shown by the Wyoming cost-of-living index as determined by the division of economic analysis of the department of administration and information;

(ii) Subject to the limitation imposed under paragraph (vi) of this subsection, the benefits existing on each July 1 for each eligible individual may be increased by an amount not to exceed the greater of the percentage increase in the cost of living as determined by the board under paragraph (i) of this subsection or a percentage adjustment to a level the actuary of the Wyoming retirement system determines to be actuarially sound pursuant to paragraph (v) of this subsection;

(iii) The amount of any percentage increase in the cost of living which exceeds the percentage adjustment under paragraph (ii) of this subsection shall to the extent determined actuarially sound by the system's actuary, be accumulated and added to the percentage increases in the cost of living for future years;

(iv) Individuals who have been receiving applicable benefits for at least one (1) year are eligible for the benefits under this subsection;

(v) An increase in benefits under this subsection is effective only upon a determination by the actuary of the Wyoming retirement system that the increase is actuarially sound. The actuary shall report its annual determination under this paragraph to the governor, the Wyoming supreme court, the board and the joint appropriations interim committee; and

(vi) The total benefit adjustment under this subsection shall not exceed three percent (3%) in any one (1) year.

(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.