Wyoming Statutes
Article 4 - Retirement
Section 9-3-418 - Amount of Service Retirement Benefit; Firefighter Members Excluded.

9-3-418. Amount of service retirement benefit; firefighter members excluded.
(a) The normal retirement benefit for a member who first becomes covered under this article after June 30, 1981 and before September 1, 2012 is equal to two and one-eighth percent (2 1/8%) of the highest average salary multiplied by his years of service credit for the first fifteen (15) years of service credit, and two and one-fourth percent (2 1/4%) of the highest average salary multiplied by his years of service credit for any years of service credit exceeding fifteen (15) years.
(b) The retirement benefit for a member with service after March 31, 1953 but prior to July 1, 1981 is equal to the following:
(i) Repealed by Laws 1994, ch. 67, § 3.
(ii) A monthly benefit amount based on the actuarial equivalent of double the member's account with any applicable increase under W.S. 9-3-419; or
(iii) Two and one-eighth percent (2 1/8%) of the member's highest average salary multiplied by his years of service credit for the first fifteen (15) years of service credit, and two and one-fourth percent (2 1/4%) of the member's highest average salary multiplied by his years of service credit for any years of service credit exceeding fifteen (15) years.
(c) Repealed by Laws 1994, ch. 67, § 3.
(d) Repealed by Laws 1994, ch. 67, § 3.
(e) This section does not apply to any firefighter member covered and vested under W.S. 9-3-431 or any law enforcement member covered and vested under W.S. 9-3-432.
(f) Benefits shall not be payable under the system to the extent that they exceed the limitations imposed by section 415(b) of the United States Internal Revenue Code. The board shall provide any benefits in excess of the limitations under special pay plans authorized under W.S. 9-3-405(b) to the extent the benefits can be provided and the system retain qualified plan status under the Internal Revenue Code.
(g) The normal retirement benefit for a member initially employed after August 31, 2012 is equal to two percent (2%) of the highest average salary multiplied by his years of service credit.

Structure Wyoming Statutes

Wyoming Statutes

Title 9 - Administration of the Government

Chapter 3 - Compensation and Benefits

Article 4 - Retirement

Section 9-3-401 - Short Title.

Section 9-3-402 - Definitions.

Section 9-3-403 - Wyoming Retirement System; Establishment; Purpose; Powers as Body Corporate.

Section 9-3-404 - Wyoming Retirement Board; Responsibility for Administration of System; Composition; Appointment; Term; Vacancies; Meetings; Election of Chairman.

Section 9-3-405 - Retirement Board Duties and Powers.

Section 9-3-406 - Retirement Board; Employment and Compensation of Director, Consulting Actuary and Assistants; Director Designated Secretary; Compensation of Members; Quorum; Seal.

Section 9-3-407 - Retirement Board; Control and Management of Account Containing Assets of Retirement System; Payments From Account.

Section 9-3-408 - Designated Custodian of Retirement Account; Disbursements; Investment of Account Monies.

Section 9-3-409 - Retirement Board; Rules and Regulations; Powers and Privileges Required to Perform Functions; Requiring Employers to Furnish Information and Keep Records.

Section 9-3-410 - Retirement Board; Actuarial Investigation and Valuation of System; Annual Valuation of Assets and Liabilities to Be Prepared and Published; Public Record of Proceedings.

Section 9-3-411 - Retirement Board; Right to Hearing Before Board; Judicial Review.

Section 9-3-412 - Members' Contributions; Payroll Deductions; Employer Authorized to Pay Employee's Share.

Section 9-3-413 - Employer's Contributions; Payable Monthly; Transfer to Account; Interest Imposed Upon Delinquent Contributions; Recovery.

Section 9-3-414 - Provision for Employers' Contributions to Be Made in Budgets; Notice to Department Heads.

Section 9-3-415 - When Retirement Permitted; Service Credit.

Section 9-3-416 - Members Leaving Service Without Withdrawing Accumulated Contributions Eligible for Retirement.

Section 9-3-417 - Determination of Eligibility for Retirement; Board to Determine Equivalent of Years of Service; Credit for Military Service.

Section 9-3-418 - Amount of Service Retirement Benefit; Firefighter Members Excluded.

Section 9-3-419 - Retirement Benefit Adjustments.

Section 9-3-420 - Option as to Form of Benefit; Beneficiary Designations.

Section 9-3-421 - Death Benefits; Monthly Benefit Option; Refund of Excess Employee Contributions Plus Interest; Medical Insurance Premiums.

Section 9-3-422 - Disability Retirement; Board Determination; Reports and Examinations; Amount; Options as to Form of Benefit.

Section 9-3-423 - Disability; Medical and Other Examinations, Tests and Evaluations Subsequent to Retirement; Failure to Submit to Examinations, Tests and Evaluations; Restoration to Service; Deduction From Benefit for Excess Earnings.

Section 9-3-424 - Refund of Contributions Upon Termination of Employment; Procedure; Redeposit; Limitation on Refund.

Section 9-3-425 - Right of Members Retired Under Terminated Systems to Retirement Benefits From Account; No Prohibition to Increase Provided in w.s. 9-3-419.

Section 9-3-426 - Benefits, Allowances and Contents of Account Exempt From Taxation and Not Subject to Execution or Attachment; Assignment Limited; Qualified Domestic Relations Order; System Assets.

Section 9-3-427 - Other Retirement Plans Prohibited.

Section 9-3-428 - Construction of Article; Limitation of Liability of State; Termination of System.

Section 9-3-429 - False Statements and Records Prohibited; Right to Modify Article.

Section 9-3-430 - Application for Benefits; Benefit Payment Effective Dates; Minimum Distribution Rules.

Section 9-3-431 - Firefighter Members; Contributions; Benefit Eligibility; Service and Disability Retirement Benefits; Termination of Benefits Upon Failure to Make Timely Contribution Payments.

Section 9-3-432 - Law Enforcement Officers; Contributions; Benefit Eligibility; Service and Disability Benefits; Death Benefits; Benefit Options.

Section 9-3-433 - Short Title.

Section 9-3-434 - Definitions.

Section 9-3-435 - Scope.

Section 9-3-436 - Establishment of Trust.

Section 9-3-437 - Powers of Trustee.

Section 9-3-438 - Delegation of Functions.

Section 9-3-439 - General Duties of Trustee and Fiduciary.

Section 9-3-440 - Duties of Trustee in Investing and Managing Assets of Retirement System.

Section 9-3-441 - Special Application of Duties.

Section 9-3-442 - Reviewing Compliance.

Section 9-3-443 - Liability of Trustee or Other Fiduciary.

Section 9-3-444 - Open Meetings and Records.

Section 9-3-445 - Disclosure to Public.

Section 9-3-446 - Disclosure to Participants and Beneficiaries.

Section 9-3-447 - Reports to Agency.

Section 9-3-448 - Summary Plan Description.

Section 9-3-449 - Annual Disclosure of Financial and Actuarial Status.

Section 9-3-450 - Annual Report.

Section 9-3-451 - Enforcement.

Section 9-3-452 - Alienation of Benefits.

Section 9-3-453 - Public Employee Retirement Plans; Funding; Legislative Findings; Required Determinations for Benefit Increases.

Section 9-3-454 - Required Determinations for Recommended Benefit Increases.