Wyoming Retirement System Assessed
The Wyoming Legislature turned down a bill this week to change the state retirement system to something more like a 401k plan, but the bill did raise questions about the financial stability of the system. Wyoming Retirement System Board Director, Steve Sommers says the system is currently funded at 85-percent, but he expects it will need fine-tuning to keep it on track.
“A few changes to the system in terms of benefits and tweaks here and there, and maybe even, if necessary, some small contribution rate increases, I think the system is going to be fine for a long time to come.”
He says even with the expected fluctuations, Wyoming’s system is in far better shape than most states.
About one in 10 Wyomingites is a member of the state retirement system – folks such as state employees, teachers, firemen, police officers, game wardens and University of Wyoming professors and staff.