Employee Enrollment (457 Plan)

Guidelines 

• If your organization participates in the Wyoming Retirement System (WRS), 457(b) Deferred Compensation Plan, your employees are eligible to contribute. The information below provides specific details on enrollment guidelines.
  • • Part-time employees are eligible to participate in the 457 Deferred Compensation Plan unless the participating agency’s Employer Resolution specifies restrictions.
  • • Participation of seasonal, intermittent, or temporary employees is allowed with Wyoming Retirement System approval.
  • • Rehired Retirees can participate in the 457 Plan if the retiree is rehired into a benefited position. The employee should work closely with their agency to ensure contributions are established for the 457 Plan, if the employee wishes to contribute. The employee may not withdraw funds from their 457 Deferred Compensation account if they are rehired into a benefited position with their agency.
  • • Elected Officials who are employed by and receiving compensation from the State of Wyoming or a county, city, town, or other political subdivision can participate in the 457 Deferred Compensation Plan.
  • • State Legislators can participate in the 457 Deferred Compensation Plan, however, there shall be no state contribution for any member of the legislature eligible for participation in the program solely in his capacity as a state legislator.
  • • At-Will Employee Contract (AWEC) Employees are not eligible to participate in the 457 Deferred Compensation Plan.

Enrollment Types

• Auto Enrollment: All state employees hired on or after July 1, 2015, are automatically enrolled in the 457(b) Deferred Compensation Plan. In addition, there are eight non-state agencies set up with automatic enrollment. Not all participants for all agencies are auto enrolled, only participants hired by the state of Wyoming or the eight non-state agencies are auto enrolled.
  • The contributions are set at a default of 3% pretax contribution of their gross salary. The participant will have at least 30 days from the date of the automatic enrollment notice to opt out of the plan if they do not wish to participate. If the participant does not opt out, their first contribution deduction will take place 60 days after their hire date.
  • Participants can request a 90-day permissible withdrawal of any default elective contributions made under automatic enrollment, plus earnings and matching contributions, for up to 90 days from the date of their first contribution are first withheld from their compensation.
  • Participants who are automatically enrolled and do not opt out will have contributions invested in the WRS Capital Preservation Fund for the first 90 days following the participant’s automatic enrollment. After the initial 90-day period of automatic enrollment, the contributions will be invested in an appropriate target date fund for the participant’s age.
  • Participants who change their contributions or investments during the 90-day period will have electively set up their account and will not be eligible for the 90-day permissible withdrawal.

• Paper Enrollment: Non-state agencies who have adopted the Plan with the employer resolution without automatic enrollment are eligible to enroll participants with a paper participant enrollment form. Participants who do not have an existing account with their current employer can join as soon as they are hired.

The participant will complete and return the participant enrollment form for non-state employees found on our website https://retirement.wyo.gov/about/wrsforms/ . These forms are required to be submitted to WRS for approval prior to any contribution deductions being taken from the participant’s paycheck. Once the enrollment form has been approved by WRS the agency may begin contribution deductions from the participant’s paycheck.

Employee Information Updates

Participants may update their contact information, beneficiaries, investments, and more in their online 457 account. Contact information and investments may also be updated by calling Empower at 1-800-701-8255. Paper forms may be completed and submitted to Empower as well.

New Participant Information 

New Members may click here for detailed information on their benefits.