(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
(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
(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.
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