Policy dictates that rules applied to Wyoming Retirement System retirees are also applied to those faculty, staff and administrators who retire under the TIAA-CREF Retirement System.

CHAPTER 12

REEMPLOYMENT OF A RETIREE

Section 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. 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. 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.

Section 2. Authority.

(a) Pursuant to W.S. 9-3-415(c) and subject to subsection (b) of this section, any retired member of the system may be rehired by a member employer and shall either:

(i) Discontinue receiving a retirement benefit and be reinstated as a contributing member of the system; or

(ii) Continue to receive the retirement benefit and not be reinstated as a contributing member of the system.

(b) If a retired member of the system is rehired by an employer covered under the system on a full-time, permanent basis within six (6) months from the date of payment of the first monthly retirement benefit under the system following retirement, that member shall immediately have his benefit payment canceled and shall be reinstated as a contributing member of the system, except that within the six (6) month period, a retired member may be reemployed by a covered employer under the system, after a thirty (30) day break in service, and continue to receive a retirement benefit pursuant to subsection (a) (ii) of this section if the retired member is reemployed:

(i) on a part time basis: (A) for less than twenty (20) hours per week; or (B) for twenty (20) hours or more per week but for not more than six (6) months in any consecutive twelve (12) month period; or

(ii) not more than one (1) time on a full-time basis for not more than ten (10) consecutive months pursuant to a provable documentable employer emergency; and

(iii) If reemployed pursuant to paragraphs (i) or (ii) of this subsection the reemployed member is not employed by a covered employer under the system on a permanent, full-time basis with in six (6) months following termination of part-time or emergency employment as specified in paragraphs (i) and (ii) of this subsection.

(c ) Any retired member who violates subsection (b) of this section shall immediately have his benefit payment canceled and shall be reinstated as a contributing member of the system.

Section 3. Written notification required; election irrevocable; failure to provide notification.

(a) Any rehired member shall:

(i) Notify the system in writing, in a manner as the Board prescribes, immediately upon reemployment but in no case more than thirty (30) days following the date of such reemployment; and

(ii) Designate in the notification whether the member wishes to:

(A) Discontinue receiving a retirement benefit and be reinstated as a contributing member of the system; or

(B) Continue to receive the retirement benefit and not be reinstated as a contributing member of the system. Subject to Section 2 (b) of this chaper.

(b) Any election made pursuant to this section is irrevocable.

(c) Any rehired member who fails to notify the system of his reemployment within the time specified in this section and who fails to make the designation required in this section shall continue to receive his retirement allowance, subject to Section 2 (b) of this Chapter, and shall not be reinstated as a contributing member of the system at any time during such reemployment.

Section 4. Elected officers; status upon expiration of term; reelection; resignation; retirement; continuous service.

(a) Any system member who holds an elective office ceases to be an active member of the system by virtue of that office upon expiration of the term for which elected, if that member is not reelected to either the office then held or another covered office.

(b) If a member retires from elective office under the system and is subsequently reelected to a covered office, the elected officer is considered a rehired member and is required to provide the notification and designation specified in Subsection 2. (a) of this chapter.

(c) Reelection to the same office or another covered office without any intervening break in service is considered to be continuous service.

(d) If an elected officer resigns or retires from office subsequent to an election at which the officer is elected to another term for that office or another covered office and if the elected officer assumes the duties of office upon commencement of the term for which elected, the period of such resignation or retirement is not considered a break in service nor is the commencement of the new term following such resignation or retirement considered reemployment for the purpose of making a designation pursuant to Subsection 2.(a) of this chapter.

Section 5. Credited service.

(a) Any retired member who is rehired by a covered employer and who elects to continue receiving a retirement benefit and not be reinstated as a contributing member of the system shall not accrue any service credit under the system during the period of such employment.

(b) Any retired member who is rehired by a covered employer and who elects to discontinue his retirement benefit and be reinstated, as a contributing member of the system shall accrue service credit in accordance with W.S. 9-3-417 (b) from the date the election is made. The accrual of credit shall continue during the period of any uninterrupted, covered employment.

Section 6. Selection of options; requirements; election final; exception.

(a) The selection of any optional benefit pursuant to W.S. 9-3-420 shall be in writing, signed by both the member and any designated beneficiary and filed with the system prior to the first benefit payment.

(b) The election of an optional benefit is final and not subject to change unless a designated beneficiary dies prior to the first benefit payment. In such a case, the election is void, the member may designate a new beneficiary and may select a new option. Once the member receives a benefit payment, the option may not be changed for any reason including reemployment as a contributing member of the system or a second or subsequent retirement.