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(i) Repealed by Laws 1994, ch. 67, § 3.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(c) Repealed by Laws 1994, ch. 67, § 3.
(d) Repealed by Laws 1994, ch. 67, § 3.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
Title 9 - Administration of the Government
Chapter 3 - Compensation and Benefits
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 9-3-405 - Retirement Board Duties and Powers.
Section 9-3-411 - Retirement Board; Right to Hearing Before Board; Judicial Review.
Section 9-3-415 - When Retirement Permitted; Service Credit.
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 9-3-427 - 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 9-3-433 - Short Title.
Section 9-3-434 - Definitions.
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 9-3-454 - Required Determinations for Recommended Benefit Increases.