Thisact shall be known and cited as "The Wyoming Higher Education RetirementAct".
21-19-102. Authorization of supplemental retirement plan; conditionsfor participation.
(a) Except as provided in subsections (b), (c) and (d) of thissection, the governing body of any lawfully established community college or ofthe University of Wyoming may establish and administer a retirement plan forthe benefit of certain employees of its institution by the use of a portion ofthe employer and employee contributions required under the provisions of theWyoming Retirement Act.
(b) Except for participation on and after January 1, 1994,pursuant to subsection (d) of this section, any employee who is initiallyemployed by an institution after June 30, 1985, shall elect to participate ineither the institution's retirement plan or the Wyoming retirement system butshall not participate in any manner in both retirement plans.
(c) Prior to January 1, 1994, any employee participating in aretirement plan pursuant to this chapter but who is not a member of the Wyomingretirement system, by written notice to his employer, may elect to discontinueparticipation under the institution's plan and become a member of the Wyomingretirement system, or if an employee is participating in the Wyoming retirementsystem as a limited member, he may elect to transfer his limited contributionsand matching employer contributions, plus regular interest, from the Wyomingretirement system to one (1) of the plans authorized by this section.
(d) Prior to January 1, 1994, any employee of an institutionshall elect to participate in either the retirement plan offered by theemploying institution or the Wyoming retirement system. Each employee shallprior to January 1, 1994, provide written notice to the employing institutionand the Wyoming retirement board of his election under this subsection. If anemployee fails to notify the employing institution which retirement plan heselects, the institution shall notify the retirement board of this omission andthe retirement board shall serve notice on the employee by registered mailreturn receipt requested that participation in the retirement system shall becancelled effective January 1, 1994. All retirement contributions made on andafter January 1, 1994 by any employee, together with matching employercontributions on his behalf, shall be made to the elected plan. An electionpursuant to this subsection is irrevocable during the remainder of anemployee's working career as a public employee.
21-19-103. Contributions generally.
(a) Except as provided under W.S. 21-19-102(d), the terms andconditions of the Wyoming Retirement Act shall remain effective as to allemployees of the institution except that any required employer and employeecontributions thereunder which are based upon an employee's annual salary ratein excess of six thousand six hundred dollars ($6,600.00) may be paid for thebenefit of the employee in accordance with the institution's retirement plan. The payments of employer and employee contributions shall be in lieu of aportion of payments to the Wyoming retirement account, and the full amount ofpayments is subject to management and disposition in accordance withcontractual rights and obligations of the institution's retirement plan. Anyretirement plan shall provide that:
(i) Any employee whose annual salary rate is less than eight thousandsix hundred dollars ($8,600.00), or who is sixty (60) years of age or more atthe time an institutional retirement plan becomes effective or his annualsalary rate exceeds eight thousand six hundred dollars ($8,600.00), shall havethe option to have all employer and employee contributions paid to the Wyomingretirement account;
(ii) All employees whose annual salary rate exceeds eightthousand six hundred dollars ($8,600.00) shall have all employer and employeecontributions based upon an annual salary rate in excess of six thousand sixhundred dollars ($6,600.00) paid in accordance with the institution'sretirement plan.
21-19-104. Retirement annuity policies.
Anyretirement plan established pursuant to W.S. 21-19-102 shall provide for thepurchase of retirement annuity policies for the contributing employees. Rightsand benefits of the annuity contracts shall vest in the employee. Annuitycontracts may be made transferable from one (1) institution to another andprovide acceptance of service of process by the issuer of the policy withinthe home state of the policyholder.
21-19-105. Rules and regulations; further provisions as tocontributions.
Thegoverning body shall make rules and regulations necessary and appropriate foradministration of the plan and for the performance of its functions under W.S.21-19-101 through 21-19-106. Except as provided under W.S. 21-19-102(d), aretirement plan may require a minimum dollar contribution by employees whoseannual salary rate is less than eight thousand six hundred dollars ($8,600.00),and may permit employees to make voluntary additional contributions to bewithheld from salary payments and paid into the retirement plan for theemployee's benefit. In no event shall the total employer contribution to theWyoming retirement account and the institution's retirement plan exceed theamount that may be authorized by the Wyoming Retirement Act.
21-19-106. Qualification of participating insurance companies.
Allinsurance companies participating in retirement plans under this act shall bein all ways qualified to do business as an insurance company in the state ofWyoming.
Thisact shall be known and cited as "The Wyoming Higher Education RetirementAct".
21-19-102. Authorization of supplemental retirement plan; conditionsfor participation.
(a) Except as provided in subsections (b), (c) and (d) of thissection, the governing body of any lawfully established community college or ofthe University of Wyoming may establish and administer a retirement plan forthe benefit of certain employees of its institution by the use of a portion ofthe employer and employee contributions required under the provisions of theWyoming Retirement Act.
(b) Except for participation on and after January 1, 1994,pursuant to subsection (d) of this section, any employee who is initiallyemployed by an institution after June 30, 1985, shall elect to participate ineither the institution's retirement plan or the Wyoming retirement system butshall not participate in any manner in both retirement plans.
(c) Prior to January 1, 1994, any employee participating in aretirement plan pursuant to this chapter but who is not a member of the Wyomingretirement system, by written notice to his employer, may elect to discontinueparticipation under the institution's plan and become a member of the Wyomingretirement system, or if an employee is participating in the Wyoming retirementsystem as a limited member, he may elect to transfer his limited contributionsand matching employer contributions, plus regular interest, from the Wyomingretirement system to one (1) of the plans authorized by this section.
(d) Prior to January 1, 1994, any employee of an institutionshall elect to participate in either the retirement plan offered by theemploying institution or the Wyoming retirement system. Each employee shallprior to January 1, 1994, provide written notice to the employing institutionand the Wyoming retirement board of his election under this subsection. If anemployee fails to notify the employing institution which retirement plan heselects, the institution shall notify the retirement board of this omission andthe retirement board shall serve notice on the employee by registered mailreturn receipt requested that participation in the retirement system shall becancelled effective January 1, 1994. All retirement contributions made on andafter January 1, 1994 by any employee, together with matching employercontributions on his behalf, shall be made to the elected plan. An electionpursuant to this subsection is irrevocable during the remainder of anemployee's working career as a public employee.
21-19-103. Contributions generally.
(a) Except as provided under W.S. 21-19-102(d), the terms andconditions of the Wyoming Retirement Act shall remain effective as to allemployees of the institution except that any required employer and employeecontributions thereunder which are based upon an employee's annual salary ratein excess of six thousand six hundred dollars ($6,600.00) may be paid for thebenefit of the employee in accordance with the institution's retirement plan. The payments of employer and employee contributions shall be in lieu of aportion of payments to the Wyoming retirement account, and the full amount ofpayments is subject to management and disposition in accordance withcontractual rights and obligations of the institution's retirement plan. Anyretirement plan shall provide that:
(i) Any employee whose annual salary rate is less than eight thousandsix hundred dollars ($8,600.00), or who is sixty (60) years of age or more atthe time an institutional retirement plan becomes effective or his annualsalary rate exceeds eight thousand six hundred dollars ($8,600.00), shall havethe option to have all employer and employee contributions paid to the Wyomingretirement account;
(ii) All employees whose annual salary rate exceeds eightthousand six hundred dollars ($8,600.00) shall have all employer and employeecontributions based upon an annual salary rate in excess of six thousand sixhundred dollars ($6,600.00) paid in accordance with the institution'sretirement plan.
21-19-104. Retirement annuity policies.
Anyretirement plan established pursuant to W.S. 21-19-102 shall provide for thepurchase of retirement annuity policies for the contributing employees. Rightsand benefits of the annuity contracts shall vest in the employee. Annuitycontracts may be made transferable from one (1) institution to another andprovide acceptance of service of process by the issuer of the policy withinthe home state of the policyholder.
21-19-105. Rules and regulations; further provisions as tocontributions.
Thegoverning body shall make rules and regulations necessary and appropriate foradministration of the plan and for the performance of its functions under W.S.21-19-101 through 21-19-106. Except as provided under W.S. 21-19-102(d), aretirement plan may require a minimum dollar contribution by employees whoseannual salary rate is less than eight thousand six hundred dollars ($8,600.00),and may permit employees to make voluntary additional contributions to bewithheld from salary payments and paid into the retirement plan for theemployee's benefit. In no event shall the total employer contribution to theWyoming retirement account and the institution's retirement plan exceed theamount that may be authorized by the Wyoming Retirement Act.
21-19-106. Qualification of participating insurance companies.
Allinsurance companies participating in retirement plans under this act shall bein all ways qualified to do business as an insurance company in the state ofWyoming.
Thisact shall be known and cited as "The Wyoming Higher Education RetirementAct".
21-19-102. Authorization of supplemental retirement plan; conditionsfor participation.
(a) Except as provided in subsections (b), (c) and (d) of thissection, the governing body of any lawfully established community college or ofthe University of Wyoming may establish and administer a retirement plan forthe benefit of certain employees of its institution by the use of a portion ofthe employer and employee contributions required under the provisions of theWyoming Retirement Act.
(b) Except for participation on and after January 1, 1994,pursuant to subsection (d) of this section, any employee who is initiallyemployed by an institution after June 30, 1985, shall elect to participate ineither the institution's retirement plan or the Wyoming retirement system butshall not participate in any manner in both retirement plans.
(c) Prior to January 1, 1994, any employee participating in aretirement plan pursuant to this chapter but who is not a member of the Wyomingretirement system, by written notice to his employer, may elect to discontinueparticipation under the institution's plan and become a member of the Wyomingretirement system, or if an employee is participating in the Wyoming retirementsystem as a limited member, he may elect to transfer his limited contributionsand matching employer contributions, plus regular interest, from the Wyomingretirement system to one (1) of the plans authorized by this section.
(d) Prior to January 1, 1994, any employee of an institutionshall elect to participate in either the retirement plan offered by theemploying institution or the Wyoming retirement system. Each employee shallprior to January 1, 1994, provide written notice to the employing institutionand the Wyoming retirement board of his election under this subsection. If anemployee fails to notify the employing institution which retirement plan heselects, the institution shall notify the retirement board of this omission andthe retirement board shall serve notice on the employee by registered mailreturn receipt requested that participation in the retirement system shall becancelled effective January 1, 1994. All retirement contributions made on andafter January 1, 1994 by any employee, together with matching employercontributions on his behalf, shall be made to the elected plan. An electionpursuant to this subsection is irrevocable during the remainder of anemployee's working career as a public employee.
21-19-103. Contributions generally.
(a) Except as provided under W.S. 21-19-102(d), the terms andconditions of the Wyoming Retirement Act shall remain effective as to allemployees of the institution except that any required employer and employeecontributions thereunder which are based upon an employee's annual salary ratein excess of six thousand six hundred dollars ($6,600.00) may be paid for thebenefit of the employee in accordance with the institution's retirement plan. The payments of employer and employee contributions shall be in lieu of aportion of payments to the Wyoming retirement account, and the full amount ofpayments is subject to management and disposition in accordance withcontractual rights and obligations of the institution's retirement plan. Anyretirement plan shall provide that:
(i) Any employee whose annual salary rate is less than eight thousandsix hundred dollars ($8,600.00), or who is sixty (60) years of age or more atthe time an institutional retirement plan becomes effective or his annualsalary rate exceeds eight thousand six hundred dollars ($8,600.00), shall havethe option to have all employer and employee contributions paid to the Wyomingretirement account;
(ii) All employees whose annual salary rate exceeds eightthousand six hundred dollars ($8,600.00) shall have all employer and employeecontributions based upon an annual salary rate in excess of six thousand sixhundred dollars ($6,600.00) paid in accordance with the institution'sretirement plan.
21-19-104. Retirement annuity policies.
Anyretirement plan established pursuant to W.S. 21-19-102 shall provide for thepurchase of retirement annuity policies for the contributing employees. Rightsand benefits of the annuity contracts shall vest in the employee. Annuitycontracts may be made transferable from one (1) institution to another andprovide acceptance of service of process by the issuer of the policy withinthe home state of the policyholder.
21-19-105. Rules and regulations; further provisions as tocontributions.
Thegoverning body shall make rules and regulations necessary and appropriate foradministration of the plan and for the performance of its functions under W.S.21-19-101 through 21-19-106. Except as provided under W.S. 21-19-102(d), aretirement plan may require a minimum dollar contribution by employees whoseannual salary rate is less than eight thousand six hundred dollars ($8,600.00),and may permit employees to make voluntary additional contributions to bewithheld from salary payments and paid into the retirement plan for theemployee's benefit. In no event shall the total employer contribution to theWyoming retirement account and the institution's retirement plan exceed theamount that may be authorized by the Wyoming Retirement Act.
21-19-106. Qualification of participating insurance companies.
Allinsurance companies participating in retirement plans under this act shall bein all ways qualified to do business as an insurance company in the state ofWyoming.
