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Current as of December 01, 2021 | Updated by FindLaw Staff
(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(i) Repealed by Laws 1994, ch. 67, § 3.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(c) and (d) Repealed by Laws 1994, ch. 67, § 3.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 1. 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.
Cite this article: FindLaw.com - Wyoming Statutes Title 9. Administration of the Government § 9-3-418. Amount of service retirement benefit; firefighter members excluded - last updated December 01, 2021 | https://codes.findlaw.com/wy/title-9-administration-of-the-government/wy-st-sect-9-3-418/
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