Alyssa Lane
The Wyoming Retirement System (WRS) provides benefits to Wyoming's public servants. All benefited employees can choose between the WRS and TIAA as their retirement option, and this choice is irrevocable. The WRS is a member of the National Conference on Public Employee Retirement Systems (NCPERS) Voluntary Life Insurance Plan, which has been offered to members since 1989. While the WRS does not offer health, nursing home, or long-term care insurance, it does provide access to Flexible Spending Accounts, which allow pre-tax payment of eligible medical insurance premiums.
| Characteristics | Values |
|---|---|
| Name | Wyoming Retirement System (WRS) |
| Contact | Phone: (307) 777-7691 |
| Address | 2515 Warren Avenue, Cheyenne, Wyoming 82002 |
| Website | http://retirement.state.wy.us/ |
| Insurance | Voluntary Life Insurance Plan issued by the Prudential Insurance Company of America (Prudential) |
| Insurance Provider | National Conference on Public Employee Retirement Systems (NCPERS) |
| Insurance Type | Accident Insurance (AD&D) |
| Insurance Coverage | Does not include basic hospital, basic medical, or major medical insurance |
| Additional Benefits | Pension, payroll statements, taxes and forms, social security, monthly deductions, contributions, investing, service purchase |
| Additional Insurance | Group term insurance ($16.00 per month) |
| Medical Reimbursement | Eligible medical expenses can be paid on a pre-tax basis |
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$53.22
What You'll Learn
- The Wyoming Retirement System offers voluntary life insurance
- Employees can enrol in a 403(b) and/or 457(b) plan
- The State contributes $20 per month to the Deferred Compensation Program
- The Wyoming Retirement System is a member of the NCPERS program
- Additional life insurance is available for $16 per month
The Wyoming Retirement System offers voluntary life insurance
The Wyoming Retirement System (WRS) offers voluntary life insurance to its members. This is made possible through its membership in the National Conference on Public Employee Retirement Systems (NCPERS). The NCPERS program has offered this unique plan to WRS members since 1989. It is well-suited for public pension plan members and fills needs not fully addressed by the pension plan. Over 30,000 WRS members, retirees, and their dependents are insured under this plan.
The WRS is dedicated to providing valuable and unique benefits to Wyoming's public servants. The system allows employees to opt for the WRS or TIAA as their retirement option when they are hired, and the choice is irrevocable. The WRS also offers a voluntary deferred compensation plan, under which employees may defer a portion of their income to provide returns on investment. The state contributes an additional $20 per month to employees enrolled in this program.
While the WRS does not offer health, nursing home, or long-term care insurance, it does provide access to other medical benefits. These include the option to pay for eligible medical insurance premiums on a pre-tax basis through a Flexible Spending Account and the ability to set aside money from earnings to pay for eligible medical expenses through Medical Reimbursement Accounts.
In addition to life insurance and medical benefits, the WRS provides a range of other advantages to its members. These include features such as pension estimates, payroll statements, social security, and monthly deductions. The system also offers resources to help members secure their financial future and achieve their retirement goals.
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Employees can enrol in a 403(b) and/or 457(b) plan
The Wyoming Retirement System (WRS) offers a range of benefits to Wyoming's public servants, including retirement options such as the Wyoming Retirement System or TIAA. Employees can enrol in a 403(b) and/or 457(b) plan at any time, and the plan will take effect the month after the enrolment form is received. The State of Wyoming contributes $20 per month if the employee contributes a minimum of $20 per month.
The 403(b) and 457(b) plans are supplemental retirement plans that offer tax advantages and investment opportunities. These plans are designed to help employees save for retirement in addition to their primary retirement plan. Employees can compare the features and benefits of the 403(b) and 457(b) plans to decide which one best suits their financial goals and needs.
The Wyoming Retirement System also offers a voluntary deferred compensation plan, where employees can defer a portion of their income to provide returns on investment. This plan is triggered upon termination of employment or retirement, and contributions can be made on a pre-tax or post-tax basis. The State contributes an additional $20 per month to employees enrolled in this program.
In addition to these retirement savings plans, the Wyoming Retirement System provides access to group term life insurance for $16.00 per month. This insurance includes an elected benefit that replaces a portion of the employee's income if they cannot work due to a covered illness or injury. It also covers potential emergency transport costs for the employee and their family.
While the Wyoming Retirement System does not offer basic medical insurance, it does provide a Flexible Spending Account (FSA) that allows employees to pay for eligible medical insurance premiums on a pre-tax basis. This means that employees can set aside money from their earnings to cover medical expenses that may not be covered by their insurance.
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The State contributes $20 per month to the Deferred Compensation Program
The Wyoming Retirement System (WRS) offers a range of benefits to Wyoming's public servants, including retirement options and insurance plans. One notable benefit is the Deferred Compensation Program, to which the State contributes $20 per month for enrolled employees.
The Deferred Compensation Program is a voluntary plan offered by the State of Wyoming, allowing employees to defer a portion of their income to generate returns on investment. This plan provides employees with an opportunity to save for the future by investing a portion of their current income. The state's contribution of $20 per month serves as an additional incentive for employees to participate in the program.
To be eligible for the State's contribution, employees must also contribute a minimum amount themselves. In this case, employees are required to contribute at least $20 per month to the Deferred Compensation Program. This matching contribution structure encourages employees to take an active role in saving for their retirement while receiving support from the state.
The Wyoming Retirement System recognises the importance of financial security in retirement and, therefore, offers this program to help employees build their retirement savings. The program is designed to provide employees with a tax-efficient way to save, as contributions can be made on a pre-tax or post-tax basis. This flexibility allows employees to optimise their savings based on their individual tax situations.
It is important to note that the Wyoming Retirement System also offers other benefits, such as life insurance plans and medical reimbursement accounts, which can provide additional financial security for retirees. These benefits complement the Deferred Compensation Program, contributing to a comprehensive retirement package for Wyoming's public servants. Overall, the Wyoming Retirement System demonstrates a commitment to helping its employees secure their financial future through a variety of savings and insurance options.
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The Wyoming Retirement System is a member of the NCPERS program
The Wyoming Retirement System (WRS) is a member of the National Conference on Public Employee Retirement Systems (NCPERS) program. The WRS is dedicated to providing valuable and unique benefits to Wyoming's public servants. Prudential has been offering a life insurance program to WRS members for over 40 years, serving more than 85,000 public employee retirement system members across the nation. This program is not a substitute for health, nursing home, or long-term care insurance.
The WRS falls under the jurisdiction of the Wyoming Retirement System Board (WRSB), which is one of the NCPERS CE-approved providers. The NCPERS Accredited Fiduciary (NAF) program encourages candidates and current accredited fiduciaries to consider qualifying courses from the NCPERS CE-approved providers list to maintain their professional development. The WRS offers a range of benefits to its employees, including pension plans, social security, and contribution plans.
When hired, all benefited employees in Wyoming must choose between the WRS and TIAA as their retirement option, and this choice is irrevocable. The state of Wyoming contributes $20 per month if the employee contributes a minimum of $20 per month. Employees can also enroll in a 403(b) and/or 457(b) plan at any time, with effects commencing the month after enrollment.
The WRS provides retirement credit to employees deployed in the armed forces under the Uniformed Service Employment and Reemployment Rights Act (USERRA) if certain requirements are met. These include honorable discharge, immediate employment with a participating WRS employer prior to entering the armed forces, and re-employment with a qualifying WRS employer within the timeframe specified by USERRA.
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Additional life insurance is available for $16 per month
The Wyoming Retirement System (WRS) offers a range of benefits to its members, including the option of additional life insurance. This additional coverage is available at a cost of $16 per month for group term life insurance. This insurance provides valuable protection for both the insured and their family.
The Wyoming Retirement System recognises that life is unpredictable, and this additional insurance can provide peace of mind. For instance, in the event that the insured cannot work due to a covered illness or injury, the elected benefit will replace a portion of their income. This ensures that they can maintain financial stability during a challenging time. Furthermore, the insurance covers emergency transport costs, ensuring quick and efficient access to medical care when it is needed most.
The WRS is committed to providing comprehensive support to its members and their families. This additional life insurance option demonstrates their dedication to ensuring financial security and peace of mind for Wyoming's public servants. With over 30,000 members, retirees, and their dependents insured under the WRS plan, it is clear that the system is dedicated to offering valuable benefits that cater to a range of needs.
The $16 per month group term life insurance is just one aspect of the WRS's comprehensive approach to member benefits. The system also offers a range of other features, such as the ability to contribute to a 403(b) and/or 457(b) plan, with the State of Wyoming contributing $20 per month if the employee contributes a minimum of $20. This demonstrates the WRS's commitment to helping members secure their financial future through a variety of options.
Additionally, the WRS provides access to a Flexible Spending Account, which allows members to pay for eligible medical insurance premiums on a pre-tax basis. This further enhances the affordability and accessibility of quality healthcare for WRS members. Overall, the WRS's benefits package, including the additional life insurance option, reflects their understanding of the diverse needs of Wyoming's public servants and their commitment to supporting them throughout their retirement journey.
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Frequently asked questions
The Wyoming Retirement System does not offer medical insurance. However, it does offer a Flexible Spending Account that can be used to pay for eligible medical insurance premiums on a pre-tax basis.
The Wyoming Retirement System offers a voluntary life insurance plan issued by the Prudential Insurance Company of America. This plan is available due to its membership in the National Conference on Public Employee Retirement Systems (NCPERS).
The NCPERS plan is a voluntary life insurance plan that has been providing added security for public employees for over thirty years. It is well-suited for public pension plan members and fills members' needs not fully addressed by the pension plan.
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