CHAPTER 14

EARLY RETIREMENT BENEFIT REDUCTION

  Section 1. Authority. This rule is adopted pursuant to authority granted under W.S. 9-3-409 and 9- 3-415(b).

  Section 2. Definitions.

  (a) as used in this chapter:

    (i) “Early retirement” means retirement prior to the normal retirement age of sixty (60) but does not mean or include retirement under W.S. 9-3-415(a)(ii) (“Rule of 85”).

    (ii) “Member” means and includes any full-time or regular part-time employee as specified in W.S. 9-3-402(a)(vii);

    (iii) ”WRS” or “System” means the Wyoming Retirement System established pursuant to W.S. 9-3-403.

  Section 3. Early retirement eligibility; benefit discount.

  (a) Any member may elect early retirement under the System if that member has at least:

    (i) Four (4) years of service and is at least fifty (50) but not yet sixty (60) years of age; or

    (ii) Twenty-five (25) years of service and is not yet fifty (50) years of age.

  (b) Any member who takes early retirement shall have his benefit discounted by five percent (5%) for each year of retirement prior to age sixty (60) as provided in Section 2, Chapter 31, Session Laws of Wyoming, 1990.