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.

1. (a) as used in this chapter:

   1. (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”).
   2. (ii) “Member” means and includes any full-time or regular part-time employee as specified in W.S. 9-3-402(a)(vii);
   3. (iii) ”WRS” or “System” means the Wyoming Retirement System established pursuant to W.S. 9-3-403.

Section 3. Early retirement eligibility; benefit discount.

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

   1. (i) Four (4) years of service and is at least fifty (50) but not yet sixty (60) years of age; or
   2. (ii) Twenty-five (25) years of service and is not yet fifty (50) years of age.
2. (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.