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News from Wyoming Retirement System

Legislation Impacting WRS - "Early Retirement" Bill

2/10/2017

Legislation Impacting WRS

WRS is monitoring the development of a retirement incentive bill the state legislature is currently considering. Senate File 95 would create a retirement option involving healthcare premium and salary incentives for qualifying employees of the executive, legislative and judicial branches of government. The bill, as currently amended, is limited to state agency employees participating in the Public Employee Plan, Law Enforcement Plan, and Guard Firefighter Plan and also whose salaries are fifty percent or more from unrestricted funds. Further eligibility requirements specify this is for state employees who are currently employed, have been continuously employed by the state for at least two years, and are eligible for normal retirement benefits. Retirement incentives are limited to medical insurance premium payments for those under age 65 (total incentive capped at $31,752 for family coverage, $20,184 for single coverage, paid over no more than 5 years). There are no incentives available for those ages 65 to 67. For those age 67 or over there is a lump sum payment of two months base salary.

The bill does not apply to members of the Warden, Patrol and DCI Plan, the Judicial Plan, the Paid Fire Plans or the Volunteer Plan. The bill also does not apply to members of the Public Employee Plan who are employees of the University of Wyoming, the Junior College system, school district, or non-state agency employers.

This bill is moving through the legislative process and may change. You can read the bill and track developments at http://legisweb.state.wy.us/2017/Engross/SF0095.pdf. WRS has conveyed to the legislature information from the WRS actuary demonstrating how this legislation would potentially affect the funding status of some of the pension plans WRS administers. As of 2/8/2017 the bill has been amended to contain an appropriation to offset negative impacts to the System.


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