Wyoming Retirement Benefits Plan

• Category: Corporations - Public - Retirement
• State: Multi-State
• Control #: US-CC-21-166
• Format: Word; Rich Text

Description

21-166 21-166 . . . Retirement Benefits Plan under which trustees and officers with 15 or more years of service receive annual retirement benefit based on percentage of average annual compensation for 36 months of service immediately preceding retirement. The amount of annual benefit ranges from 25% of such average annual compensation for 15 years of service to 75% for 25 or more years of service The Wyoming Retirement Benefits Plan is a comprehensive financial program designed to provide retirement benefits for eligible individuals residing or working in Wyoming. This retirement plan ensures financial security and stability during the post-employment phase. Providing various options and benefits, the Wyoming Retirement Benefits Plan offers a range of retirement plans tailored to meet the diverse needs and preferences of its participants. One of the main types of retirement plans offered by Wyoming is the Defined Benefit (DB) Plan. This plan guarantees a fixed retirement benefit based on a specified formula, taking into account an individual's years of service and average salary. The DB Plan ensures a steady income stream throughout retirement, allowing participants to plan their financial future with greater confidence. Another type of retirement plan available in Wyoming is the Defined Contribution (DC) Plan. Under this plan, both participants and employers contribute to an individual retirement account, which is then invested by a third-party administrator. The accumulated funds are then used to provide retirement benefits, and the actual benefit received depends on the performance of the investments. The DC Plan offers flexibility and control over investment choices, allowing participants to potentially grow their retirement savings at their own pace. Participants in the Wyoming Retirement Benefits Plan can also opt for additional voluntary savings plans, such as the 457(b) Deferred Compensation Plan. This plan allows employees to supplement their retirement benefits by making pre-tax contributions directly from their wages. These contributions are invested according to the participant's choices, providing another avenue for retirement savings. Furthermore, the Wyoming Retirement Benefits Plan provides access to a variety of retirement resources and support services, including educational workshops, retirement planning tools, and personalized consultations. Participants can benefit from expert advice and guidance to better understand their retirement options and make informed decisions regarding their financial future. Overall, the Wyoming Retirement Benefits Plan encompasses various retirement plans, including the Defined Benefit Plan, Defined Contribution Plan, and additional voluntary savings plans like the 457(b) Deferred Compensation Plan. With a focus on flexibility, stability, and individualized support, this retirement program aims to ensure that eligible Wyoming residents and employees can enjoy a secure and fulfilling retirement.

The Wyoming Retirement Benefits Plan is a comprehensive financial program designed to provide retirement benefits for eligible individuals residing or working in Wyoming. This retirement plan ensures financial security and stability during the post-employment phase. Providing various options and benefits, the Wyoming Retirement Benefits Plan offers a range of retirement plans tailored to meet the diverse needs and preferences of its participants. One of the main types of retirement plans offered by Wyoming is the Defined Benefit (DB) Plan. This plan guarantees a fixed retirement benefit based on a specified formula, taking into account an individual's years of service and average salary. The DB Plan ensures a steady income stream throughout retirement, allowing participants to plan their financial future with greater confidence. Another type of retirement plan available in Wyoming is the Defined Contribution (DC) Plan. Under this plan, both participants and employers contribute to an individual retirement account, which is then invested by a third-party administrator. The accumulated funds are then used to provide retirement benefits, and the actual benefit received depends on the performance of the investments. The DC Plan offers flexibility and control over investment choices, allowing participants to potentially grow their retirement savings at their own pace. Participants in the Wyoming Retirement Benefits Plan can also opt for additional voluntary savings plans, such as the 457(b) Deferred Compensation Plan. This plan allows employees to supplement their retirement benefits by making pre-tax contributions directly from their wages. These contributions are invested according to the participant's choices, providing another avenue for retirement savings. Furthermore, the Wyoming Retirement Benefits Plan provides access to a variety of retirement resources and support services, including educational workshops, retirement planning tools, and personalized consultations. Participants can benefit from expert advice and guidance to better understand their retirement options and make informed decisions regarding their financial future. Overall, the Wyoming Retirement Benefits Plan encompasses various retirement plans, including the Defined Benefit Plan, Defined Contribution Plan, and additional voluntary savings plans like the 457(b) Deferred Compensation Plan. With a focus on flexibility, stability, and individualized support, this retirement program aims to ensure that eligible Wyoming residents and employees can enjoy a secure and fulfilling retirement.