Uploading Termination Dates in a Timely Manner
WRS 457 Plan requests that you report terminating employees by promptly uploading the termination date to the RAIN system once all pension contributions are submitted to WRS.
Prompt reporting of termination dates is critical because many employees are enrolled in the 457 Deferred Compensation plan and often wish to access those funds upon ending employment.
The Wyoming Retirement System cannot approve a Deferred Compensation withdrawal request until the terminated employee has received all due compensation (including pension payments and 457 contributions), and the termination date is uploaded in RAIN.
The benefit to prompt uploading of the termination date in RAIN and submitting all due compensation can provide timely processing and improved service to the participant.
Delayed reporting forces us to delay a Deferred Compensation withdrawal request.
When is a 457 Deferred Comp plan participant eligible to withdraw funds from their 457 account?
Per IRS guidelines, one can only withdraw 457 Deferred Comp plan funds upon quitting, retirement, or changing employers.
One exception is if the individual had rolled funds from a former retirement account into one's current 457 account, then only those rollover funds are available for withdrawal but may be subject to additional tax penalties.
Phone Number Update for Wyoming Retirement System
If you need assistance or have a plan participant with retirement questions, don't hesitate to call Wyoming Retirement System at 307-777-7691. Then choose the extension for the team you need to contact.