Employer Participation (457 Plan)

Employer Participation in the Wyoming Retirement System (WRS) 457 Deferred Compensation Plan

Non-state employers wishing to participate in the 457 Plan must sign a resolution letter adopting WRS’ Plan document for the 457 Plan. Please contact the WRS 457 Plan at wrs.457pln@wyo.gov to obtain a resolution letter.

Participating employers are responsible for sending employee and/or employer contributions to the Plan’s record keeper, Empower Retirement. The Plan can accept employee contributions only through payroll deduction. WRS works with participating employers in providing technical assistance with this process. Employers submit contributions for each payroll period to Empower. 

The Department of Labor and the IRS have very strict guidelines on the timeliness of contributions. The law states the employer must deposit participant contributions as soon as it is reasonably possible to separate them from the company’s assets, but no later than the 15th business day following each respective payroll date. Failure to remit compensation immediately to the employee’s account can make employers liable for losses that the employee might have suffered due to the delay and may also result in fines by the Department of Labor.

All new enrollments and final deferral of accrued leave payouts must go through WRS to ensure IRS requirements are met.

There are annual limits on 457 contributions that are established by the IRS. If a participating local government employer offers more than one 457 Plan, the employer must coordinate with the employee to ensure the maximum annual contribution among all 457 Plans. 

To learn more about your organization participating in the 457 Plan, please contact WRS 457 Deferred Compensation at 307-777-3325, or by email at wrs.457pln@wyo.gov.  

Steps to Join the 457 Plan: How Does an Employer Join the Wyoming Retirement System?

If your organization is interested in joining the Wyoming Retirement System (WRS) 457 Deferred Compensation Plan, please contact the WRS 457 Deferred Compensation section. You will need to supply the required documents (listed below) for qualification. 

Required Documents:

• Articles of Incorporation
• By-Laws
• Mission Statement
• Income and Expense Statement/Budget for last 3 calendar years.

The agency will be notified of their qualification status. If the agency is approved to join the system, a 457 Non-Auto Enrollment Adoption Resolution, or the Auto Enroll Adoption Resolution will need to be completed by the agency to accept the terms of our Plan Document.

Please call 307-777-3325 with questions.