Wyoming Statutes
Article 4 - Retirement
Section 9-3-420 - Option as to Form of Benefit; Beneficiary Designations.

9-3-420. Option as to form of benefit; beneficiary designations.
(a) Subject to uniform rules and regulations the board prescribes, a member may instead of the service retirement benefits provided in this article, elect one (1) of the following forms of retirement benefits which shall be the actuarial equivalent of the benefit to which he would otherwise be entitled:
(i) A one hundred percent (100%) joint and survivor benefit which provides reduced monthly service retirement benefit payments during the retired member's life and upon his death after retirement continues payments in the same reduced amount to a designated beneficiary during the life of the beneficiary;
(ii) A fifty percent (50%) joint and survivor benefit which provides reduced monthly service retirement benefit payments during the retired member's life and upon his death after retirement continues payments, in the amount of fifty percent (50%) of the reduced amount, to the designated beneficiary during the life of the beneficiary;
(iii) A benefit which provides reduced monthly service retirement payments with provision for the continuance of payments for ten (10) years certain and life thereafter. If the retired member dies within ten (10) years after retirement, the remaining guaranteed payments shall be made to his designated beneficiary. This beneficiary may be changed at any time by written notification to the board as provided in subsection (b) of this section;
(iv) The largest possible benefit for life with no lump sum refund or benefit for anyone else upon the retired member's death;
(v) Any other modified monthly service retirement benefit, including any other modified joint and survivor monthly service retirement benefit, actuarially determined, which the board approves.
(b) An election of an optional benefit shall be in writing and filed with the system prior to the first benefit payment. The election is final and not subject to change unless a designated beneficiary dies prior to the first benefit payment, in which case the election is void, the member may designate a new beneficiary and may select a different option.
(c) The retirement benefits payable under optional forms available under this section shall be the actuarial equivalent amount of the normal benefit form under W.S. 9-3-415 and, if applicable, 9-3-431 and 9-3-432.

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.