Bill No.: HB0088                  Drafter:  DKG

LSO No.:  10LSO-0176              Effective Date:  7/1/2010

Enrolled Act No.:  HEA0030

Chapter No.:

Prime Sponsor:     Joint Appropriations Interim Committee

Catch Title:       Public retirement plans-qualified plan status.

Subject:  Amendments to various retirement plans administered by the Wyoming retirement board in order to meet internal revenue code requirements for qualified plan status.

Summary/Major Elements:

· The Wyoming retirement system administers a number of public employee retirement plans that are intended to be qualified plans under the Internal Revenue Code.

· This bill makes numerous amendments to the various plans in order to meet the requirements of the Internal Revenue Code to maintain qualified plan status.  The amendments include:

· The ability to "rollover" funds from and to other qualified plans and associated definitions to restrict the funds which qualify for rollover status;

· Limitations on benefits required by the Internal Revenue Code;

· Limitations on the purchase of service credits required by the Internal Revenue Code;

· Updates to references regarding the federal Uniformed Services Employment and Reemployment Rights Act;

· Provisions for the withdrawal and redeposit of funds upon entering and leaving the system;

· Statements regarding the establishment and termination of the system and that the purposes are consistent with the Internal Revenue Code.