Administrative Rule Review Report  #AR07-035

Legislative Service Office

19-Jun-07

AGENCY: Wyoming Retirement System.

DATE SUBMITTED: June 19, 2007.

SUBJECT: Chapter 5, Deminimis Accounts.

NATURE OF RULES:                   Legislative, Procedural

STATUTORY AUTHORITY:        W.S. 35-9-611

DETERMINATION OF PROCEDURAL COMPLIANCE BASED UPON INFORMATION

SUBMITTED BY THE AGENCY TO LSO:  Apparently complete to date.

SUMMARY OF RULES:  This rule provides that a participant under the Volunteer Firemen's Pension Board who has terminated as a volunteer fireman with no intent to rejoin shall withdraw his contributions and interest.  If the participant who has terminated cannot be located after three years, the contributions and interest shall revert to the system.  If the participant whose contributions and interest reverted to the system becomes a volunteer fireman with a participating volunteer fire department, his account will be reinstated with interest to the date of reinstatement.  The Attorney General's office has confirmed that if the participant whose contributions reverted later seeks that money it would be given to the participant without requiring them to rejoin.  That has been the agency's interpretation of a similar provision for the general retirement system.  The majority of these accounts are less than three hundred dollars.  This is a new rule for the agency but it was not made in response to the amendment or enactment of statute and so it is not technically a new rule for the purposes of the rule review process.

FINDINGS:  The rules appear to be within the scope of statutory authority and legislative intent.

STAFF RECOMMENDATION:  That the rules be placed on the Consent List and approved by the Council as submitted by the Agency.

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Joshua Anderson

Research Associate

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David K. Gruver

Assistant Director

JDA/