072-12 Wyo. Code R. §§ 12-1 - Purpose

(a) The purpose of this rule is to implement the statute [W.S. 9-3-415(c)] authorizing reemployment of a retiree, protect the actuarial integrity of the Wyoming Retirement System and to clarify the intent of the statute within the framework of Internal Revenue Service (IRS) requirements for 401(a) qualified retirement plans (See 26 U.S.C. 401(a)) .

(b) It is expected that members of the Wyoming Retirement System (hereafter "system" or "the system") who retire acknowledge and comply with the following definition as specified in W.S. W.S. W.S. 9-3-402(a) (xiii): " 'retire', 'retired' or 'retirement' means the termination of a member's working career for a salary as an employee and the fulfillment of the requirements for eligibility to receive either a retirement or a disability benefit under this article." (Article 4, Chapter 3, Title 9 of the Wyoming Statutes).

(c) It is recognized that from time to time circumstances may require a retiree to return to employment covered under the Wyoming Retirement System. However, this is intended to be an infrequent occurrence based on particular needs at a given time rather than a standard practice. W.S. W.S. W.S. 9-3-415(c) does not intend that retirees either continue to work for the same or another covered employer without a break in service nor does the IRS condone such a practice. The indiscriminate application of this statute could jeopardize the Wyoming Retirement System's qualified plan status under federal law. It is the intention of the Wyoming Retirement System to accomplish the intent of the statutes and the intent of the federal law in order to preserve the system's qualified plan status.

Notes

072-12 Wyo. Code R. §§ 12-1