Wyoming Sample Letter for Pension Plan Summary Plan Description
Description
How to fill out Sample Letter For Pension Plan Summary Plan Description?
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FAQ
Like many states, Wyoming has no specific retirement age that is mandated by law. This means that individuals are free to retire whenever they choose, as long as they are able to financially support themselves.
Under the Rule of 85, you are eligible for retirement benefits without a reduction if your age plus your years of service in WRS equal 85 or more. The Rule of 85 is valuable because it enables you to receive an unreduced retirement benefit sooner than the eligibility age that otherwise applies.
Wyoming does not impose taxes on social security or other retirement income, making it a favorable destination for retirees. Additionally, the state boasts relatively low property taxes. This favorable tax environment can make a significant difference when it comes to what you can do with your retirement accounts.
A pension plan or fund is a defined benefit plan. This type of plan guarantees a set monthly payment or lump sum after retirement. It may also use a specific formula that includes how long you've worked at the job and your salary to determine your monthly payout. A defined benefit plan may be funded or unfunded.
If you are vested in WRS (generally 48 or more months of service credit), you must also complete a Vested Response Form. Please contact a Benefits Specialist at (307) 777-1977 or wrschange@wyo.gov for this form and additional options.
If you have a total of 48 or more months of contributions in the Wyoming Retirement System (WRS), you must obtain an official benefit estimate from WRS before you may take a refund on your account. Please contact WRS to obtain the forms required.
Your pension benefit is funded by your employer's contributions on your behalf, as well as your contributions. Contribution rates are set in state statute. In some cases, employers pay some of the employee contributions as part of overall compensation. Look at your pay stub or check with your employer for details.
Retirement Eligibility Some plans provide an unreduced retirement benefit when the member's years of service plus age add up to a certain number (ie, 85). In some WRS Pension Plans, members may take a lifetime benefit permanently reduced by 5% per year the member is below the full retirement age.
