Bill No.: SF0072                  Drafter:  DKG

LSO No.:  10LSO-0243              Effective Date:  9/1/2010

Enrolled Act No.:  SEA0027

Chapter No.:

Prime Sponsor:     Joint Appropriations Interim Committee

Catch Title:       Wyoming retirement plan contributions-2.

Subject:  Public employee retirement plan contributions.

Summary/Major Elements:

· This bill amends contributions required to be made to the state retirement plan.  The bill affects only the "big plan" and does not affect the firemen, game warden and highway patrol, EMT or other plans administered by the state retirement system.  The "big plan" includes the departments and other agencies of the state, counties, cities, school districts and other political subdivisions and various other entities.

· Increases the "employee contribution" from 5.57% to 7% of salary.  For state employees, the agency will continue to pay the 5.57%, but the employee must pay the additional 1.43% unless the legislature enacts specific legislation authorizing payment of the 1.43% (which would likely be by the budget bill, if at all, in any given year).

· Other entities participating in the system are authorized to pay any of the additional increase.

· The employer contribution is increased from 5.68% to 7.12% of salary.

· The bill appropriates funds to pay the increased employer contributions required of state agencies, the University and community colleges.  It also contains a school foundation program appropriation to pay the increased employer contribution required of school districts.

Comments:

· Contains delayed effective date of September 1, 2010.