Legislation Tracker

Legislature Approves Future Public Employee Plan Rate Adjustments
Contribution rates to change July 1, 2026In a decisive move toward securing the future of your retirement benefit, the Wyoming State Legislature approved a proposal aimed at implementing a “best practice” approach to managing contribution rates. 2024 House Enrolled Act 004 adopts a method based on actuarial analysis to ensure financial responsibility for FY 2027 and beyond. Currently, WRS operates at an 18.62% contribution rate, nearly 2% lower than the recommended figure by actuaries. The approved legislation introduces a systematic approach to adjust rates every two years basedon the most recent Actuarially Determined Contribution (ADC) calculations. Changing rates in small increments sooner, rather than larger increments later, improves plan funding and is more manageable for government budgets. This change ensures WRS’ trajectory toward full funding within approximately 24 years. Wyoming now joins several other states in implementing a recognized “best practice” in pension management!

 

What does this mean for WRS Public Employee Plan members?

• Contribution rates will now adjust once every two years, commencing on July 1st of even-numbered years.
• Your rates cannot increase by more than 0.50% in any given two year period.
• Rate adjustments are split evenly between you and your employer. Employers can pay all or part of your portion if they wish.
• The new contribution rate will be effective July 1, 2026.
• The rates will stay in effect until July 1, 2028. The rates moving forward will be informed by a similar process

Contribution Rate Changes

In addition to the Actuarial Defined Contributions bill, the 67th Wyoming Legislature passed three other pieces of legislation increasing WRS pension plan contribution rates. July 1, 2024, will bring changes to the Warden & Patrol Plan, Judicial Plan, and Law Enforcement Plan. Take a look at the charts below to learn about how each plan will be affected.

Warden, Patrol and DCI Pension Plan (2024 SEA 0014)

Employee contributions will increase from the current 14.56% to 18.92% (+ 4.36%). However, employees will only notice a 0.39% increase. The bill provides that the employer subsidy of the employer contribution will cover the remaining 3.97% .The portion of the total rate actually paid by the employee will increase from the current 2.64% to 3.03%.

Employee Contributions	Present	Future
Paid by Employer	11.92%	15.89%
Paid by Employee	2.64%	3.03%
Total Employee Rate	14.56%	18.92%

 

Judicial Pension Plan (2024 SEA 0013)

Employee contributions will increase by 2.25%. However, employees will only notice a 0.35% increase. The bill provides that the employer subsidy of the employee contribution will cover the remaining 1.90%. The portion of the total rate actually paid by the employee will increase from the current 3.65% to 4.00%.

Employee Contributions	Present	Future
Paid by Employer	5.57%	7.47%
Paid by Employee	3.65%	4.00%
Total Employee Rate	9.22%	11.47%

 

Law Enforcement Pension Plan – Three-year Program (2024 SEA 0050)

Employee and employer contributions increase by 1.8% each per year over three years (total of 5.4%). Starting July 1, 2024, to June 30, 2025, the employer’s contribution remains at 8.60%, and the employee starts contributing 0.90%, totaling 9.50% from both parties. This pattern will continue with gradual increases in employee contributions, reaching 2.70% by July 1, 2026, while the employer’s contribution remains at 8.60%. The total contribution will increase accordingly, maintaining a combined total contribution of 22.60% from both employee and employer for future periods.

Employee Contributions	Present	7/1/24 – 6/30/25	7/1/24 – 6/30/25	7/1/24 – 6/30/25
Paid by Employer	8.60%	8.60%	8.60%	8.60%
Paid by Employee		0.90%	1.80%	2.70%
Total Employee Rate	8.60%	9.50%	10.40%	11.30%