Administrative Regulation: Retirement
Regulation Number: 3.16.5
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Participation in either the Wyoming Retirement System or TIAA/CREF is required for full-time or regular part-time employees at the time of employment. Any employee whose term of employment is on a temporary basis for less than four (4) months or any person receiving not more than $5,500 per year for part-time teaching who elects in writing not to participate is excluded.
At the time of initial employment an employee must make a choice between one hundred percent participation in the Wyoming Retirement System (WRS) or one hundred percent participation in the Teachers Insurance & Annuity Association and College Retirement Equities Fund (TIAA/CREF).
WYOMING RETIREMENT SYSTEM
The contribution rate for employees and employers is based on gross salary. After a minimum of 48 months of participation in the Wyoming Retirement System the employee is “vested”, which means that the employee’s rights to benefits at retirement age cannot be taken away. If employment is terminated, contributions may be left on deposit and if vested, the employee may apply for a monthly retirement allowance after reaching age 50.
Restrictions. The account on deposit in the WRS cannot be borrowed against, attached or garnished. No additional funds may be contributed in excess of the contribution rate.
Statements. The employee receives an annual statement of account during the first quarter of each year. This statement is prepared after all contributions for the preceding year have been posted to all accounts under the program. If any information on the statement appears to be incorrect, the employee should contact the Wyoming Retirement System Office in Cheyenne at once.
When employment is terminated the employee may request a refund of the contributions, he/she has made to the program. The contribution rate for employer and employees is the same for Wyoming Retirement and TIAA/CREF. To obtain a refund, the employee must sign and submit the appropriate form.
TIAA/CREF
Teachers Insurance and Annuity Association/College Retirement Equities Fund is available to employees, pursuant to rules set forth in EWC TIAA plan. The contribution rate to TIAA/CREF is the same as Wyoming Retirement System. Under TIAA/CREF you may transfer your annuity contract to other institutions participating in the plan.
Original Adoption Date: 11/12/96
Revision Date(s): 11/8/05(RF), 8/13/13(RF), 4/4/16, 7/21/17
Date reviewed, no change: