reglab/statecodes huggingface dataset:
2023 Wyoming Statutes › Title 9 - Administration of the Government › Chapter 3 - Compensation and Benefits › Article 4 - Retirement › Section 9-3-418 - Amount of Service Retirement Benefit; Firefighter Members Excluded.

9-3-418. Amount of service retirement benefit; firefighter members excluded.
(a) The normal retirement benefit for a member who first becomes covered under this article after June 30, 1981 and before September 1, 2012 is equal to two and one-eighth percent (2 1/8%) of the highest average salary multiplied by his years of service credit for the first fifteen (15) years of service credit, and two and one-fourth percent (2 1/4%) of the highest average salary multiplied by his years of service credit for any years of service credit exceeding fifteen (15) years.
(b) The retirement benefit for a member with service after March 31, 1953 but prior to July 1, 1981 is equal to the following:
(i) Repealed by Laws 1994, ch. 67, 3.
(ii) A monthly benefit amount based on the actuarial equivalent of double the member's account with any applicable increase under W.S. 9-3-419; or
(iii) Two and one-eighth percent (2 1/8%) of the member's highest average salary multiplied by his years of service credit for the first fifteen (15) years of service credit, and two and one-fourth percent (2 1/4%) of the member's highest average salary multiplied by his years of service credit for any years of service credit exceeding fifteen (15) years.
(c) Repealed by Laws 1994, ch. 67, 3.
(d) Repealed by Laws 1994, ch. 67, 3.
(e) This section does not apply to any firefighter member covered and vested under W.S. 9-3-431 or any law enforcement member covered and vested under W.S. 9-3-432.
(f) Benefits shall not be payable under the system to the extent that they exceed the limitations imposed by section 415(b) of the United States Internal Revenue Code. The board shall provide any benefits in excess of the limitations under special pay plans authorized under W.S. 9-3-405(b) to the extent the benefits can be provided and the system retain qualified plan status under the Internal Revenue Code.
(g) The normal retirement benefit for a member initially employed after August 31, 2012 is equal to two percent (2%) of the highest average salary multiplied by his years of service credit.
2023 Wyoming Statutes › Title 9 - Administration of the Government › Chapter 3 - Compensation and Benefits › Article 4 - Retirement › Section 9-3-419 - Retirement Benefit Adjustments.

9-3-419. Retirement benefit adjustments.
(a) The retirement benefit specified under W.S. 9-3-418(b)(ii) is subject to the following cumulative increases:
(i) The benefit for covered service prior to July 1, 1975 is increased by twenty-five percent (25%) with a maximum increase of twenty-five dollars ($25.00) per month;
(ii) The benefit of a member, survivor or beneficiary is increased by forty percent (40%);
(iii) The benefit of a member for service prior to July 1, 1975 is increased by twenty percent (20%).
(iv) Repealed by Laws 1994, ch. 67, 3.
(v) Repealed by Laws 1994, ch. 67, 3.
(vi) Repealed by Laws 1994, ch. 67, 3.
(vii) Repealed by Laws 1994, ch. 67, 3.
(b) Repealed By Laws 2012, Ch. 107, 3.
2023 Wyoming Statutes › Title 9 - Administration of the Government › Chapter 3 - Compensation and Benefits › 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.
2023 Wyoming Statutes › Title 9 - Administration of the Government › Chapter 3 - Compensation and Benefits › Article 4 - Retirement › Section 9-3-421 - Death Benefits; Monthly Benefit Option; Refund of Excess Employee Contributions Plus Interest; Medical Insurance Premiums.

9-3-421. Death benefits; monthly benefit option; refund of excess employee contributions plus interest; medical insurance premiums.
(a) If a member dies before retirement under the system, except as provided in subsection (e) of this section, the member's account plus an additional amount equal to the member's account shall be paid to the member's designated beneficiaries, or in the absence of designated beneficiaries to his estate. If the member is vested, instead of a lump sum payment, a beneficiary may elect to receive the actuarial equivalent of the lump sum of any benefit for life which is available to a retired member as provided in this article. A beneficiary, who is the surviving spouse of the deceased member and who elects to receive the actuarial equivalent of the lump sum, as a life benefit may, within eighteen (18) months of the death of the member, elect to receive the lump sum death benefit otherwise provided in this subsection plus interest accumulated on that amount less any payments received by the surviving spouse.
(b) Unless otherwise provided by the benefit option selected by a member pursuant to W.S. 9-3-420, if any member receiving benefits or his beneficiary receiving retirement benefits under this article dies before the total amount of benefits paid to either the member or his beneficiary or both equals the amount of the member's account at retirement, then the excess, if any, shall be paid to any other named beneficiary, if any, or to the member's estate.
(c) A designated beneficiary of a member, by signed affidavit, may request that medical insurance premiums be paid from the member's account balance for a period not to exceed four (4) months after the death of the member or until a benefit option has been elected.
(d) For purposes of determining a member's account under subsections (a) through (c) of this section, if a member dies before the member has vested under the system, the member's account shall consist of the contributions and interest that accrue in the manner for which contributions and interest accrue for a member who is vested.
(e) If a member initially employed on or after July 1, 2019 who is not vested and is not a current employee at the time of death, which occurs before retirement under the system, only the member's account shall be paid to the member's designated beneficiaries, or in the absence of designated beneficiaries to the member's estate.
2023 Wyoming Statutes › Title 9 - Administration of the Government › Chapter 3 - Compensation and Benefits › Article 4 - Retirement › Section 9-3-422 - Disability Retirement; Board Determination; Reports and Examinations; Amount; Options as to Form of Benefit.

9-3-422. Disability retirement; board determination; reports and examinations; amount; options as to form of benefit.
(a) Except as specified for law enforcement officers under W.S. 9-3-432, any member in service who has ten (10) or more years of service credit during which contributions have been paid because of illness or injury outside of or in the scope of employment, or any firefighter member in service for whom contributions have been paid because of injury in the scope of employment, may retire on account of a total or partial disability in accordance with rules and regulations adopted by the board. In determining mental or physical incapacitation for disability retirement under this section, the board may require physician reports, medical examinations, functional capacity evaluations, vocational examinations and other necessary reports and examinations for purposes of this section. The costs of any functional capacity evaluation, vocational examination or other specialized test required under this subsection shall be paid from the retirement account.
(b) Upon retirement for a total disability and except as provided under W.S. 9-3-431(f) and 9-3-432(h), a member shall receive a monthly disability retirement benefit for the period of his disability equal to one hundred percent (100%) of his service retirement benefit under this article as if the member was eligible for normal retirement benefits. Upon retirement for a partial disability, a member shall receive a monthly disability retirement benefit for the period of his disability equal to fifty percent (50%) of the normal retirement benefit payable to the member as if the member were eligible for normal retirement benefits. Disability benefits are payable for the life of the member or until the member is no longer disabled.
(c) Any employee granted disability retirement under this section shall at the time retirement is granted, elect to receive either the benefit authorized by this section or one (1) of the joint and survivor benefit options specified in W.S. 9-3-420.
2023 Wyoming Statutes › Title 9 - Administration of the Government › Chapter 3 - Compensation and Benefits › Article 4 - Retirement › 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.

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.
(a) Once each year during the first five (5) years following retirement of a member for disability under the system, and once in every three (3) year period thereafter, the board may require a member who is not eligible for normal retirement benefits pursuant to W.S. 9-3-415(a) or 9-3-431 to undergo a medical examination by a physician designated by the board or any other examination, test or evaluation determined necessary by the board. If the member refuses to submit to a medical or other examination, test or evaluation, his benefit payments shall be discontinued.
(b) If any member receiving a disability benefit under this article is restored to service, the payment of the benefit shall be discontinued, that member shall become a contributing member of the system and all previous years of service credit including the period of the disability retirement, shall be credited to his service for the purpose of determining eligibility under W.S. 9-3-415 or 9-3-431.
(c) If a member is restored to service from disability retirement and subsequently discontinues his employment for any reason other than a recurrence of the original disability, or another disability, he is not entitled to any disability benefit.
(d) Any member receiving a nonduty-connected total or partial disability benefit who has not reached age sixty (60) shall annually report to the board in a form prescribed by the board, his total earnings for the preceding calendar year from any gainful employment for wages and any worker's compensation benefits. Fifty percent (50%) of the excess of any earnings or benefits over the base pay for the position held at the time of disability shall be deducted, in a manner the board determines, from his disability benefit beginning ninety (90) days following the day the report is due. If any member received a disability benefit for less than twelve (12) months in a calendar year for which earnings were reported, the deduction, if any, shall be determined on a pro rata basis.
2023 Wyoming Statutes › Title 9 - Administration of the Government › Chapter 3 - Compensation and Benefits › Article 4 - Retirement › 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.

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.
Any member retired under one (1) of the terminated systems or continued in retirement under the system is entitled to receive service or disability retirement benefits from the retirement account in accordance with the terminated systems. This section does not prohibit an increase in benefits as provided for in W.S. 9-3-419(a).
2023 Wyoming Statutes › Title 9 - Administration of the Government › Chapter 3 - Compensation and Benefits › Article 4 - Retirement › Section 9-3-427 - Other Retirement Plans Prohibited.

9-3-427. Other retirement plans prohibited.
The establishment of any annuity plan, limited service plan, pension or retirement system other than that provided by this article by any department, board, bureau or agency of the state or by any political subdivision of the state is prohibited, except this prohibition does not apply to the Wyoming state highway patrol, game and fish warden and criminal investigator retirement program. Any county memorial hospital or special hospital district that elects to participate in the state retirement system shall not otherwise participate in any other retirement system.
2023 Wyoming Statutes › Title 9 - Administration of the Government › Chapter 3 - Compensation and Benefits › Article 4 - Retirement › Section 9-3-428 - Construction of Article; Limitation of Liability of State; Termination of System.

9-3-428. Construction of article; limitation of liability of state; termination of system.
(a) Nothing in this article shall be construed to:
(i) Acknowledge any past, present or future liability of or obligate the state of Wyoming for contribution except the employer's contributions provided for in this article, to either the Wyoming retirement system provided by this article or any other retirement system previously existing in the state of Wyoming; or
(ii) Constitute a contract or binding obligation of any kind whatsoever or, except as provided in subsection (b) of this section to create or grant any vested right or interest in any individual, corporation or body politic.
(b) If the system is terminated, all affected members have a nonforfeitable interest in their benefits that were accrued and funded to date. The value of the accrued benefits to be credited to the account of each affected member shall be calculated as of the date of termination.
(c) Subject to subsection (a) of this section and W.S. 9-3-429(b), the legislature declares its intent that the system is intended to be a permanent system and has not been created for the purpose of income tax benefits.
2023 Wyoming Statutes › Title 9 - Administration of the Government › Chapter 3 - Compensation and Benefits › Article 4 - Retirement › Section 9-3-429 - False Statements and Records Prohibited; Right to Modify Article.

9-3-429. False statements and records prohibited; right to modify article.
(a) Any person who knowingly makes a false statement or falsifies or permits to be falsified any record used in the administration of this article, in an attempt to defraud the board, is guilty of a misdemeanor.
(b) The right to alter, amend or repeal this article or any provision thereof is reserved to the legislature.
2023 Wyoming Statutes › Title 9 - Administration of the Government › Chapter 3 - Compensation and Benefits › Article 4 - Retirement › Section 9-3-430 - Application for Benefits; Benefit Payment Effective Dates; Minimum Distribution Rules.

9-3-430. Application for benefits; benefit payment effective dates; minimum distribution rules.
(a) A member shall submit a written application for benefits to the system before benefits shall begin. The written application for benefits shall be on forms adopted by the board.
(b) Benefits are payable the last day of the month following the month in which the member's final contributions and employer contributions are remitted to the system and the member has submitted a complete and accurate application under subsection (a) of this section. Retirement is effective the day following the member's last working day in the system or anytime after that time when the member qualifies under W.S. 9-3-415, 9-3-416 or 9-3-431.
(c) Benefit payments under the system shall begin by the later of April 1 of the calendar year following the year in which the member reaches age seventy and one-half (70 1/2) years or retires. The member's entire interest in the system shall be distributed over the life of the member or the lives of the member and a designated beneficiary, over a period not extending beyond the life expectancy of the member or the life expectancy of the member and designated beneficiary. If a member dies after distribution of benefits has begun, the remaining portion of the member's interest shall be distributed at least as rapidly as under the method of distribution prior to the member's death. If a member dies before distribution of benefits has begun, the entire interest of the member shall be distributed within five (5) years of the member's death. The five (5) year payment rule shall not apply to any portion of the member's interest which is payable to a designated beneficiary over the life or life expectancy of the beneficiary and which begins within one (1) year after the date of the member's death. The five (5) year payment rule shall not apply to any portion of the member's interest which is payable to a surviving spouse payable over the life or life expectancy of the spouse which begins not later than the date the member would have reached age seventy and one-half (70 1/2) years. The board may by rule and regulation modify distributions under this section in order to provide minimum distributions required by section 401(a)(9) of the Internal Revenue Code or as otherwise necessary to retain qualified plan status under the Internal Revenue Code.
(d) This section applies to benefits payable under W.S. 9-3-432.
2023 Wyoming Statutes › Title 9 - Administration of the Government › Chapter 3 - Compensation and Benefits › Article 4 - Retirement › Section 9-3-435 - Scope.

9-3-435. Scope.
(a) This act applies to all retirement programs and retirement systems, except:
(i) A retirement program that is unfunded and is maintained by a public employer solely for the purpose of providing deferred compensation for a select group of management employees or employees who rank in the top five percent (5%) of employees of that employer based on compensation;
(ii) A severance-pay arrangement under which:
(A) Payments are made solely on account of the termination of an employee's service and are not contingent upon the employee's retiring;
(B) The total amount of the payments does not exceed the equivalent of twice the employee's total earnings from the public employer during the year immediately preceding the termination of service; and
(C) All payments are completed within twenty-four (24) months after the termination of service.
(iii) An arrangement or payment made on behalf of an employee because the employee is covered by Title II of the Social Security Act, as amended (42 U.S.C. Section 401 et seq.);
(iv) A qualified governmental excess benefit arrangement within the meaning of section 415(m) of the code;
(v) An individual retirement account or individual retirement annuity within the meaning of section 408 of the code;
(vi) A retirement program consisting solely of annuity contracts or custodial accounts satisfying the requirements of section 403(b) of the code; or
(vii) A program maintained solely for the purpose of complying with workers' compensation laws or disability insurance laws.
2023 Wyoming Statutes › Title 9 - Administration of the Government › Chapter 3 - Compensation and Benefits › Article 4 - Retirement › Section 9-3-436 - Establishment of Trust.

9-3-436. Establishment of trust.
(a) Except as otherwise provided in subsection (b) of this section, all assets of a retirement system are held in trust for the exclusive benefit of the members, retirees and beneficiaries of the system, including reasonable administrative expenses. The trustee has the exclusive authority, subject to this act, to invest and manage those assets.
(b) Assets of a retirement system which consist of insurance contracts or policies issued by an insurer, assets of an insurer, and assets of the system held by an insurer need not be held in trust.
(c) If an insurer issues a guaranteed benefit policy to a retirement system, assets of the system include the policy but not assets of the insurer.
(d) If a retirement system invests in a security issued by an investment company registered under the Investment Company Act of 1940 (15 U.S.C. Section 80a-1 et seq.), the assets of the system include the security, but not assets of the investment company.
2023 Wyoming Statutes › Title 9 - Administration of the Government › Chapter 3 - Compensation and Benefits › Article 4 - Retirement › Section 9-3-437 - Powers of Trustee.

9-3-437. Powers of trustee.
(a) In addition to other powers conferred by the governing law, a trustee has exclusive authority, consistent with the trustee's duties under this act, to:
(i) Establish an administrative budget sufficient, subject to legislative approval, to perform the trustee's duties and, as appropriate and reasonable, draw upon assets of the retirement system to fund the budget;
(ii) Obtain by employment or contract the services necessary to exercise the trustee's powers and perform the trustee's duties, including actuarial, auditing, custodial, investment and legal services; and
(iii) Procure and dispose of the goods and property necessary to exercise the trustee's powers and perform the trustee's duties.
2023 Wyoming Statutes › Title 9 - Administration of the Government › Chapter 3 - Compensation and Benefits › Article 4 - Retirement › Section 9-3-438 - Delegation of Functions.

9-3-438. Delegation of functions.
(a) A trustee or administrator may delegate functions that a prudent trustee or administrator acting in a like capacity and familiar with those matters could properly delegate under the circumstances.
(b) The trustee or administrator shall exercise reasonable care, skill and caution in:
(i) Selecting an agent;
(ii) Establishing the scope and terms of the delegation, consistent with the purposes and terms of the retirement program; and
(iii) Periodically reviewing the agent's performance and compliance with the terms of the delegation.
(c) In performing a delegated function, an agent owes a duty to the retirement system and to its participants and beneficiaries to comply with the terms of the delegation and, if a fiduciary, to comply with the duties imposed by W.S. 9-3-439.
(d) A trustee or administrator who complies with subsections (a) and (b) of this section is not liable to the retirement system or to its participants or beneficiaries for the decisions or actions of the agent to whom the function was delegated.
(e) By accepting the delegation of a function from the trustee or administrator, an agent submits to the jurisdiction of the courts of this state.
(f) A trustee may limit the authority of an administrator to delegate functions under this section.
2023 Wyoming Statutes › Title 9 - Administration of the Government › Chapter 3 - Compensation and Benefits › Article 4 - Retirement › Section 9-3-439 - General Duties of Trustee and Fiduciary.

9-3-439. General duties of trustee and fiduciary.
(a) A trustee or other fiduciary shall discharge duties with respect to a retirement system:
(i) Solely in the interest of the participants and beneficiaries;
(ii) For the exclusive purpose of providing benefits to participants and beneficiaries and paying reasonable expenses of administering the system;
(iii) With the care, skill and caution under the circumstances then prevailing which a prudent person acting in a like capacity and familiar with those matters would use in the conduct of an activity of like character and purpose;
(iv) Impartially, taking into account any differing interests of participants and beneficiaries;
(v) Incurring only costs that are appropriate and reasonable; and
(vi) In accordance with a good-faith interpretation of the law governing the retirement program and system.
2023 Wyoming Statutes › Title 9 - Administration of the Government › Chapter 3 - Compensation and Benefits › Article 4 - Retirement › Section 9-3-440 - Duties of Trustee in Investing and Managing Assets of Retirement System.

9-3-440. Duties of trustee in investing and managing assets of retirement system.
(a) In investing and managing assets of a retirement system pursuant to W.S. 9-3-439, a trustee with authority to invest and manage assets:
(i) Shall consider among other circumstances:
(A) General economic conditions;
(B) The possible effect of inflation or deflation;
(C) The role that each investment or course of action plays within the overall portfolio of the retirement program or appropriate grouping of programs;
(D) The expected total return from income and the appreciation of capital;
(E) Needs for liquidity, regularity of income and preservation or appreciation of capital; and
(F) For defined benefit plans, the adequacy of funding for the plan based on reasonable actuarial factors.
(ii) Shall diversify the investments of each retirement program or appropriate grouping of programs unless the trustee reasonably determines that, because of special circumstances, it is clearly prudent not to do so;
(iii) Shall make a reasonable effort to verify facts relevant to the investment and management of assets of a retirement system;
(iv) May invest in any kind of property or type of investment consistent with this act; and
(v) May consider benefits created by an investment in addition to investment return only if the trustee determines that the investment providing these collateral benefits would be prudent even without the collateral benefits.
(b) A trustee with authority to invest and manage assets of a retirement system shall adopt a statement of investment objectives and policies for each retirement program or appropriate grouping of programs. The statement shall include the desired rate of return on assets overall, the desired rates of return and acceptable levels of risk for each asset class, asset-allocation goals, guidelines for the delegation of authority and information on the types of reports to be used to evaluate investment performance. At least annually, the trustee shall review the statement and change or reaffirm it.
2023 Wyoming Statutes › Title 9 - Administration of the Government › Chapter 3 - Compensation and Benefits › Article 4 - Retirement › Section 9-3-441 - Special Application of Duties.

9-3-441. Special application of duties.
(a) A trustee may return a contribution to a public employer or employee, or make alternative arrangements for reimbursement, if the trustee determines the contribution was made because of a mistake of fact or law.
(b) Upon termination of a retirement program, a trustee may return to a public employer any assets of the program remaining after all liabilities of the program to participants and beneficiaries have been satisfied.
(c) If a retirement program provides for individual accounts and permits a participant or beneficiary to exercise control over the assets in such an account and a participant or beneficiary exercises control over those assets:
(i) The participant or beneficiary is not a fiduciary by reason of the exercise of control; and
(ii) A person who is otherwise a fiduciary is not liable for any loss, or by reason of any breach of fiduciary duty, resulting from the participant's or beneficiary's exercise of control.
(d) If an insurer issues to a retirement system a contract or policy that is supported by the insurer's general account, but is not a guaranteed benefit policy, the insurer complies with W.S. 9-3-439 if it manages the assets of the general account with the care, skill and caution under the circumstances then prevailing which a prudent person acting in a like capacity and familiar with those matters would use in the conduct of an activity of like character and purpose, taking into account all obligations supported by the general account.
2023 Wyoming Statutes › Title 9 - Administration of the Government › Chapter 3 - Compensation and Benefits › Article 4 - Retirement › Section 9-3-442 - Reviewing Compliance.

9-3-442. Reviewing compliance.
(a) Compliance by a trustee or other fiduciary with W.S. 9-3-438 through 9-3-440 shall be determined in light of the facts and circumstances existing at the time of the trustee or fiduciary's decision or action and not by hindsight.
(b) A trustee's investment and management decisions shall be evaluated not in isolation but in the context of the trust portfolio as a whole and as a part of an overall investment strategy having risk and return objectives reasonably suited to the program or appropriate grouping of programs.
2023 Wyoming Statutes › Title 9 - Administration of the Government › Chapter 3 - Compensation and Benefits › Article 4 - Retirement › Section 9-3-443 - Liability of Trustee or Other Fiduciary.

9-3-443. Liability of trustee or other fiduciary.
(a) Except as provided in subsection (e) of this section, a trustee or other fiduciary who breaches a duty imposed by this act is personally liable to a retirement system for any losses resulting from the breach and any profits made by the trustee or other fiduciary through use of assets of the system by the trustee or other fiduciary. The trustee or other fiduciary is subject to other equitable remedies as the court considers appropriate, including removal.
(b) An agreement that purports to limit the liability of a trustee or other fiduciary for a breach of duty under this act is void.
(c) A retirement system may insure itself against liability or losses occurring because of a breach of duty under this act by a trustee or other fiduciary.
(d) A trustee or other fiduciary may insure against liability or losses occurring because of a breach of duty under this act if the insurance is purchased or provided either by the trustee or fiduciary personally or, on the trustee or fiduciary's behalf, by this state, the retirement system, a public employer whose employees participate in a retirement program served by the trustee or fiduciary, an employee representative whose members participate in a retirement program served by the trustee or fiduciary or the trustee or fiduciary's employer.
(e) Notwithstanding subsection (a) of this section and as provided in the Wyoming Governmental Claims Act, individual board members of a retirement system are immune from liability while acting within the scope of administering and operating a retirement system and are not personally liable for breaches of fiduciary duties in carrying out system administration and operation except in cases of willful misconduct, intentional torts or illegal acts.
2023 Wyoming Statutes › Title 9 - Administration of the Government › Chapter 3 - Compensation and Benefits › Article 4 - Retirement › Section 9-3-444 - Open Meetings and Records.

9-3-444. Open meetings and records.
(a) A multimember body having authority to invest or manage assets of a retirement system may deliberate about, or make tentative or final decisions on, investments or other financial matters in executive session if disclosure of the deliberations or decisions would jeopardize the ability to implement a decision or to achieve investment objectives.
(b) A record of a retirement system that discloses deliberations about, or a tentative or final decision on, investments or other financial matters is not a public record under the Wyoming Public Records Act, W.S. 16-4-201 through 16-4-205 to the extent and so long as its disclosure would jeopardize the ability to implement an investment decision or program or to achieve investment objectives.
2023 Wyoming Statutes › Title 9 - Administration of the Government › Chapter 3 - Compensation and Benefits › Article 4 - Retirement › Section 9-3-445 - Disclosure to Public.

9-3-445. Disclosure to public.
(a) An administrator of a retirement system shall prepare and disseminate:
(i) A summary plan description of each retirement program;
(ii) A summary description of any material modification in the terms of the program and any material change in the information required to be contained in the summary plan description, to the extent the modification or change has not been integrated into an updated summary plan description;
(iii) An annual disclosure of financial and actuarial status; and
(iv) An annual report.
(b) An administrator shall make available for public examination in the principal office of the administrator and in other places if necessary to make the information reasonably available to participants:
(i) The governing law of the retirement program and system;
(ii) The most recent summary plan description;
(iii) Summary descriptions of modifications or changes described in paragraph (a)(ii) of this section that have been provided to participants and beneficiaries but not yet integrated into the summary plan description;
(iv) The most recent annual disclosure of financial and actuarial status; and
(v) the most recent annual report.
(c) Upon written request by a participant, beneficiary or member of the public, the administrator shall provide a copy of any publication described in subsection (b) of this section. Except as otherwise provided in W.S. 9-3-446(a), the administrator may charge a reasonable fee to cover the cost of providing copies and shall provide the copies within thirty (30) days after receiving payment.
2023 Wyoming Statutes › Title 9 - Administration of the Government › Chapter 3 - Compensation and Benefits › Article 4 - Retirement › Section 9-3-446 - Disclosure to Participants and Beneficiaries.

9-3-446. Disclosure to participants and beneficiaries.
(a) An administrator shall furnish to each participant and to each beneficiary who is receiving benefits under a retirement program:
(i) A copy of the most recent summary plan description, along with any summary descriptions of modifications or changes described in W.S. 9-3-445(a)(ii), within three (3) months after a person becomes a participant or, in the case of a beneficiary, within three (3) months after a person first receives benefits, or, if later, within four (4) months after the retirement program becomes subject to this act;
(ii) The summary description of any modifications or changes described in W.S. 9-3-445(a)(ii), within seven (7) months after the end of the fiscal year in which a modification or change has been made;
(iii) A copy of an updated summary plan description that integrates all modifications and changes at intervals not exceeding five (5) years; and
(iv) The annual report within seven (7) months after the end of each fiscal year.
(b) An administrator shall provide to a participant or beneficiary a statement containing information that would permit the participant or beneficiary to estimate projected benefits reasonably, to the extent the information is regularly maintained by the retirement system. The information shall be provided with the annual report or upon written request of the participant or beneficiary. The information need not be provided to a participant or beneficiary who is currently receiving benefits.
(c) A participant who is not currently receiving benefits is entitled without charge to one (1) statement under subsection (b) of this section during any fiscal year. The administrator may charge a reasonable fee to cover the cost of providing other statements. The administrator shall provide the statements within thirty (30) days after the participant or beneficiary's request or, if a fee is charged, within thirty (30) days after receiving payment.
2023 Wyoming Statutes › Title 9 - Administration of the Government › Chapter 3 - Compensation and Benefits › Article 4 - Retirement › Section 9-3-447 - Reports to Agency.

9-3-447. Reports to agency.
(a) An administrator shall file with the retirement system a copy of:
(i) The governing law of the retirement program and system within four (4) months after the system becomes subject to this act and an updated copy at least once every year thereafter;
(ii) The summary plan description within four (4) months after the system becomes subject to this act and of updated summary plan descriptions at the same time they are first furnished to any participant or beneficiary under W.S. 9-3-446(a)(iii);
(iii) Any summary description of modifications or changes within seven (7) months after the end of the fiscal year in which a modification or change has been made; and
(iv) The annual disclosure of financial and actuarial status and annual report within seven (7) months after the end of each fiscal year.
2023 Wyoming Statutes › Title 9 - Administration of the Government › Chapter 3 - Compensation and Benefits › Article 4 - Retirement › Section 9-3-448 - Summary Plan Description.

9-3-448. Summary plan description.
(a) A summary plan description and a summary description of modifications or changes under W.S. 9-3-445(a)(ii) shall be written in a manner calculated to be understood by the average participant and be accurate and sufficiently comprehensive reasonably to inform the participants and beneficiaries of their rights and obligations under the retirement program.
(b) A summary plan description shall contain:
(i) The name of the retirement program and system and type of administration;
(ii) The name and business address of the administrator;
(iii) The name and business address of each agent for service of process;
(iv) Citations to the governing law of the retirement program and system;
(v) A description of the program's requirements respecting eligibility for participation and benefits;
(vi) A description of the program's provisions providing for nonforfeitable benefits;
(vii) A description of circumstances that may result in disqualification, ineligibility or denial or loss of benefits;
(viii) A description of the benefits provided by the program, including the manner of calculating benefits and any benefits provided for spouses and survivors;
(ix) The source of financing of the program;
(x) The identity of any organization through which benefits are provided;
(xi) The date the fiscal year ends;
(xii) The procedures to claim benefits under the program and the administrative procedures available under the program for the redress of claims that are denied in whole or in part; and
(xiii) Notice of the availability of additional information pursuant to W.S. 9-3-445(b) and (c), 9-3-446(b) and (c) and 9-3-447.
2023 Wyoming Statutes › Title 9 - Administration of the Government › Chapter 3 - Compensation and Benefits › Article 4 - Retirement › Section 9-3-450 - Annual Report.

9-3-450. Annual report.
(a) An annual report shall contain:
(i) The name and business address of each trustee and each member of a trustee board;
(ii) The financial statements, but not the notes, required by W.S. 9-3-449(a)(viii);
(iii) For defined benefit plans, the actuarial schedules, but not the notes, required by W.S. 9-3-449(a)(x);
(iv) The schedules described in W.S. 9-3-449(a)(xiv) and (xv);
(v) A brief description of and information about how to interpret the statements and schedules;
(vi) Other material necessary to summarize fairly and accurately the annual disclosure of financial and actuarial status; and
(vii) Notice of the availability of additional information pursuant to W.S. 9-3-445(b) and (c), 9-3-446(b) and (c) and 9-3-447.
2023 Wyoming Statutes › Title 9 - Administration of the Government › Chapter 3 - Compensation and Benefits › Article 4 - Retirement › Section 9-3-451 - Enforcement.

9-3-451. Enforcement.
(a) An action may be maintained by:
(i) A public employer, participant, beneficiary or fiduciary for any one (1) or more of the following purposes:
(A) To enjoin an act, practice or omission that violates this act;
(B) For appropriate equitable relief for a breach of trust under W.S. 9-3-443;
(C) For other appropriate equitable relief to redress the violation of or to enforce this act; or
(ii) The retirement system to enjoin any violation of W.S. 9-3-447.
(b) In an action under this section by a participant, beneficiary or fiduciary, the court may award reasonable attorney fees and costs to either party.
2023 Wyoming Statutes › Title 9 - Administration of the Government › Chapter 3 - Compensation and Benefits › 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.
2023 Wyoming Statutes › Title 9 - Administration of the Government › Chapter 3 - Compensation and Benefits › Article 5 - Deferred Compensation Program › Section 9-3-501 - Definitions.

9-3-501. Definitions.
(a) As used in this article:
(i) Repealed By Laws 2001, Ch. 64, 2.
(ii) "Board" means the Wyoming retirement board established under W.S. 9-3-404(a);
(iii) "Employee" means any person including any elected official employed by and receiving compensation from the state of Wyoming or a county, city, town or other political subdivision, but does not include any at-will contract employee under W.S. 9-2-3207(a)(xi)(F);
(iv) "Plan document" means the official document recorded with the secretary of state and adopting and establishing a deferred compensation program for Wyoming under Public Law 95-600;
(v) "Program" means the Wyoming deferred compensation program established in accordance with the plan document;
(vi) Repealed by Laws 2015, ch. 10, 2.
(vii) "Provider" means any corporation licensed to do business in this state and providing investment products to program participants under contract and in accordance with this article;
(viii) Repealed by Laws 2019, ch. 186, 2.
2023 Wyoming Statutes › Title 9 - Administration of the Government › Chapter 3 - Compensation and Benefits › Article 5 - Deferred Compensation Program › Section 9-3-502 - Establishment of Program by State; Administration by Wyoming Retirement Board; Establishment of Separate Deferred Compensation by Political Subdivisions; Investment Permitted; Limitation on Amount Deferred; Taxability.

9-3-502. Establishment of program by state; administration by Wyoming retirement board; establishment of separate deferred compensation by political subdivisions; investment permitted; limitation on amount deferred; taxability.
(a) The board shall establish and administer the program for employees in addition to any retirement, pension, benefit or other deferred compensation programs established by the governmental entity. Subject to requirements of this article, any county, city, town or other political subdivision may establish and administer a deferred compensation program separate from the program established under this article. A county, city, town or other political subdivision which wishes to enter into the state program established under this article shall adopt the plan document, provide the program to employees in accordance with this article and be subject to program administration by the board. A county, city, town, other political subdivision of the state or an entity or institution of the state which does not utilize the state auditor's office for payroll services may provide for automatic enrollment of new employees into the state program pursuant to W.S. 9-3-509 and pursuant to the requirements of this subsection.
(b) Any employee may enter into a written agreement with the program or a separate deferred compensation program established by a county, city, town or other political subdivision to defer any part of his compensation for investment as provided by this article or an employee may be automatically enrolled as provided in W.S. 9-3-509 and subsection (a) of this section. The total annual amount deferred may at no time exceed the employee's annual salary under applicable salary schedules or compensation plans.
(c) Compensation deferred pursuant to this article shall be included as compensation for the purpose of computing retirement or pension benefits earned by the employee, but the deferred compensation is exempt from state taxation to the same extent as it is exempt from federal income taxes.