HB0165

Increases normal retirement benefits for members of the Wyoming retirement system by raising the percentage of highest average salary used in benefit calculations.

• Increases the normal retirement benefit for members who first became covered after June 30, 1981 and before September 1, 2012 from 2.125% to 2.25% of highest average salary for the first 15 years of service credit, and from 2.25% to 2.375% for any years exceeding 15 years, effective July 1, 2026. (W.S. 9-3-418(a), Sec. 1)
• Increases the normal retirement benefit for members with service after March 31, 1953 but prior to July 1, 1981 from 2.125% to 2.25% of highest average salary for the first 15 years of service credit, and from 2.25% to 2.375% for any years exceeding 15 years, effective July 1, 2026. (W.S. 9-3-418(b)(iii), Sec. 1)
• Increases the normal retirement benefit for members initially employed after August 31, 2012 from 2% to 2.125% of highest average salary multiplied by years of service credit, effective July 1, 2026. (W.S. 9-3-418(g), Sec. 1)
• Repeals W.S. 9-3-453 and W.S. 9-3-454(a)(ii) and (iii) as obsolete or conforming amendments. (Sec. 2)
• Applies the benefit increases to all members whose retirement benefits are calculated under the amended statute sections, including those who retire before July 1, 2026. (Sec. 3)
• Authorizes the Wyoming retirement system to take necessary actions to implement the act. (Sec. 4)

Effective: July 1, 2026

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