Lawmakers Look At State Pensions
CHEYENNE, Wyo. (AP) — Future Wyoming state employees would see reduced retirement benefits under a bill moving through the Legislature.
The House Appropriations Committee on Thursday advanced a bill to require state employees hired beginning in September to work until at least age 65 to retire with full benefits. That’s up from the current minimum retirement age of 60 for full benefits.
Thom Williams is head of the state retirement system. He says cost-cutting measures are necessary to keep the system solvent.
Maximum pension benefits for current workers are 66 percent of the average of their final three years of state pay. The bill would limit future hires to pensions totaling 60 percent of the average salary of their last five years.
The bill has cleared the Senate and now goes to the House.