Wyoming Statutes
Article 4 - Retirement
Section 9-3-454 - Required Determinations for Recommended Benefit Increases.

9-3-454. Required determinations for recommended benefit increases.
(a) In accordance with the findings specified in W.S. 9-3-453:
(i) All plans shall be managed to maintain their actuarial funded ratio at or above one hundred percent (100%) throughout the life of the plan. The actual funded ratio recommended by the board shall provide for an appropriate margin above this funding ratio to allow for market fluctuations above the one hundred percent (100%) base;
(ii) No benefit changes, including cost-of-living increases and changes to multipliers, shall be recommended for implementation by the legislature unless the system s actuaries provide an opinion that the funded ratio of the plan will remain above the funding level set out in paragraph (i) of this subsection throughout the life of the benefit change;
(iii) Any analysis upon which a proposed benefit change is proposed shall include a decision matrix which shall include the following minimum elements:
(A) Consideration of the current actuarial value in relation to current market value of assets;
(B) A fully amortized cost over the full applicable term of the benefit increase;
(C) Current and expected actuarial funded ratios with and without the increase;
(D) A review of assumptions made in determining funded ratios and a review of anticipated funded ratios with differing investment return assumptions;
(E) Recognition of potential effects of the increase on plan participants' working and retirement periods;
(F) The potential isolation, by establishment of separate accounts, of the liability incurred as a result of the cost of living or other benefit increase;
(G) The appropriate level of actuarial funding ratio above one hundred percent (100%) needed to buffer the plan from market fluctuations.
(b) Nothing in this section shall affect the authority of the board to grant a cost-of-living adjustment as authorized by W.S. 15-5-204.

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.