Retirement System PRESORTED Partnering to Build Financial Security for Members and Their Families FIRST-CLASS MAIL 6101 Yellowstone Rd, Suite 500 U.S. POSTAGE PAID Cheyenne, WY 82002 PERMIT NO 7 CHEYENNE, WY 82009 WRS UPDATEFall/Winter 2019 6101 Yellowstone Road, Suite 500 • Cheyenne, WY 82002 • 307-777-7691 • retirement.wyo.gov Director’s Notes Going Paperless Summer and fall are busy seasons WRS is working to go paperless, at the Wyoming Retirement both in our annual statements and System. These traditional our payment methods. 99% of seasons of transition reflect in our retirees are on direct deposit for their workload – we process twice as retirement benefits, 1% still receive a many retirements in July, August paper check. This year we contacted and September as we do in other those who receive a paper check, and months. invited them to convert to an electronic deposit. I assumed the directorship on The results are in and we had 8% of August 1, 2019 after serving and responsible management of our retirees switch to an electronic 5 years as Deputy Director. something entrusted to one’s care. payment. This gives them faster Challenges are always present, but John Kugland served as the access to their money, a more secure my predecessor, Ruth Ryerson, form of payment, System’s first director and all while saving left WRS in a good position to be executive secretary. He’s the successful. I’ve been proud to paper. WRS person in the middle of this 1953 planted a tree for serve as her deputy, and honored photo, when WRS issued its first each retiree who to be selected as her successor. retirement check. switched during I’m the tenth director of the system, the campaign since the system’s inception back All of us at WRS understand the through the Arbor in 1953. importance of your pension benefit Day Foundation. and we take the stewardship Leave Your Pension On Deposit Two Staff Members As some of you know, prior to my National Retirement If you end employment with a lifetime monthly retirement benefit of your retirement system very Receive Recognition career in public finance, I was seriously. WRS employees work WRS participating employer, you once you reach the retirement a career military officer. Raised Security Week WRS celebrates the recognition hard on behalf of the membership may leave your pension account eligibility age for your plan. in Riverton, Wyoming, I was During the week of October 13- received by two staff members. and the retirement board is on deposit if your balance is In some WRS pension plans, appointed to the U.S. Military engaged with thoughtful and 19, hundreds of WRS members at least $1,000.1 No action is Chief Investment Officer Academy at West Point from engaged in taking proactive steps your balance is doubled for Sam Masoudi, was recently meaningful oversight. Now in required to leave your pension a lump-sum payout to your Riverton High School. This fall I our 66th year, WRS continues to toward good retirement outcomes account on deposit. If you named one of the top 30 was privileged to attend our class during National Retirement beneficiary should you die Public Fund CIOs by Trusted demonstrate the best qualities return to work for a participating before retirement. However, this reunion. It has been 40 years of stewardship as Security Week 2019. The employer in the same plan, you Insight. Communications and since we threw our caps in the educational materials promoted doubling for pre-retirement death Deferred Compensation 457 exemplified in our will resume earning service air at graduation and pinned on values: Integrity, during the week are still available 2 benefits is not available to non- Plan Manager, Polly Scott credit. If you are in the Public second lieutenant bars. Aside from Accountability, at retirement.wyo.gov and all are vested members with a hire date was nominated as a 2019 Employee Plan Tier I, and end renewing old friendships, the trip Commitment, and encouraged to use them! WRS of July 1, 2019 or later who are Wyoming Woman of Influence reminded me of the importance of employment before vesting you not actively employed. Excellence. won a Platinum MarCom Award for will be in Tier II if you return to in the category of Government, institutions and stewardship. David Swindell the effectiveness and impact of its service in the Public Employee Review your pension plan Public Service & Military. WRS is an important institution. Executive Director NRSW campaign efforts. handbook for complete details Congratulations Sam & Polly. Plan. Public employees perform WRS thanks all the elected leaders about your plan, or contact WRS important work, whether it is Wyoming If you are vested and leave your for benefit counseling when who lent their support to NRSW. pension account on deposit educating our children, responding Retirement System Senator Mike Enzi co-sponsored making these decisions. to emergencies or literally taking after you end employment, your by the Numbers the U.S. Senate Resolution and out the trash. The possibility of account balance will earn interest 1 A member of the Volunteer Firefighter, EMT and a pension has always been and Value of the Fund Governor Mark Gordon proclaimed at a rate set by the WRS Board, Search &; Rescue Plan must be vested to leave it Retirement Security Week in 3 an account balance on deposit. continues to be one of the reasons which is currently 3 percent. 2 This may not be the case for a member of the people take on public employment. $8,655,498,296 Wyoming. See NRSW 2019 page 3 This allows your balance to grow Volunteer Firefighter, EMT and Search & Rescue January to September Returns while you take time for decisions Plan. WRS Trustees Vicci Colgan & Eric Nelson, WY The dictionary defines and retirement planning. If you 3 Members of the Paid Firefighter Plan A and Plan AARP Director, Sam Shumway, Treasurer Curt “stewardship” as the conducting, B do not receive interest on account balances. Meier and WPEA Director Betty Jo Beardsley supervising, or managing of WRS: +12.78% are vested, you can apply for a attend the 2019 Wyoming Women of Influence Benchmark: +10.58% Banquet with nominee Polly Scott, her husband something, especially: the careful All data is as of September 30, 2019 4 Kevin Scott and sister Christine Lamons. retirement.wyo.gov Everyone Shares in WRS Board Avoid Fraud: Tips to More National Retirement Security Week Keeping Wyoming’s Pensions Strong Protect Yourself & The following state legislators signed on to support our efforts. Representing the During the last decade, there have contributions will be coming into the Your Money Representative District Senator District been fundamental changes to Public Employee Plan compared to Community at Large Source: Federal Trade Commission Bill Henderson 41 26 our economy such as the Great 2010. Michael Ceballos Do Not Believe Your Caller ID Recession and decreasing capital Wyoming Public Employees Max “Tom” Chapman III, Vice Chair Don Burkhart 15 R. J. Kost 19 markets. These changes are Technology makes it easy for Association Executive Director, Keith Hay Shelly Duncan 05 22 challenging, and have an impact scammers to fake caller ID Betty Jo Beardsley, recently Laura Ladd, Chair information. The name and number on pension plans. As such, WRS 14 Wendy Davis Schuler 15 said, “The sentiment I hear from Eric Nelson you see aren’t always real. If has focused on benefit security and WPEA members is they value the proactive pension management. Representing the someone calls asking for personal Cathy Connolly 13 07 pension and want to keep the plan information or money, hang up! If Sandy Newsome 24 17 Ongoing monitoring of actuarial strong. Working together with the Public Employees you think the caller could be telling assumptions, contribution legislature, we have been able to Brian Foster the truth call back a number you Andy Schwartz 23 04 requirements and benefit provisions phase increases in over time so it Tim Sullivan know to be legitimate. is critical to pension health. The is manageable for employers and Clarence Styvar 12 27 Search Online Board does due diligence on all employees. It allows us to head Representing Sue Wilson 07 Liisa Anselmi-Dalton 12 three areas, and advocates for in the right direction, without the Type a product or company name School District Employees into your preferred search engine adjustments when necessary. stress of getting it done all at once.” Dan Kirkbride 04 Glenn Moniz 10 Kay Watson The changes accomplished have with words like “complaint,” “scam,” 3) Benefit provisions trimmed: or “review.” You can also search Landon Brown 09 08 combined to keep adequate To help take pressure off of Representing Higher funding for the long-term. for a phrase that describes your Sara Burlingame 44 14 contributions, benefit provisions Education Employees situation, like “IRS phone call.” Or 1) Assumptions kept sound: Using for actively employed members Garth Shanklin you can search for phone numbers Talk to Someone sound actuarial assumptions, have been cautiously adjusted. to see if other people have reported You Trust Before Acting which align with actual experience The moderately reduced pension Representing Retirees them as scams. Before you provide personal information or hand over money, over time, is a critical component formula for those hired after Vicci Colgan of a well-funded pension plan. September 2012 has served Do not Deposit a Check and talk to someone you trust. The Board has its actuary review to bring the costs of the Public Wyoming State Treasurer Send Back Money Scammers want you to make By law, banks must make funds decisions in a hurry. They may assumptions each year. Most Employee Plan benefits down. The Honorable Curt Meier recently, the Board updated the Other provisions around account from deposited checks available even threaten you. Slow down, look NRSW2019 continued from page 1 within days, however, uncovering assumptions used to quantify the balance refunds and death benefits into their story, do an online search, Working with the Global Financial liabilities of each pension plan after have been fine-tuned. As a result, Vol-Plan Board a bogus check can take weeks. If consult an expert – or just tell a you deposit a check that turns out Literacy Excellence Center, an experience study in 2017. long-term projections show the cost Adds a Member friend about the situation. WRS has developed three of benefits earned in the current to be phony, you’re responsible for Changing the assumptions may Representing repaying the bank. Think About How You Pay new worksheets to help with impact the funded status or cause year is decreasing. This indicates Credit cards have considerable our members’ preparation for a need for a contribution rate the Public Employee Plan is Search & Rescue Hang-Up on RoboCalls fraud protection, but some payment retirement. sustainable for the long term. Governor Mark If you answer the phone and hear increase. For example, it has been methods do not. Sending money 1. Evaluating Your Financial Gordon appointed either a recorded or live sales pitch, through services like Western necessary to adopt assumptions It has been difficult for retirees to Readiness for Retirement Clinton Becker hang up and report it to the Federal Union or MoneyGram can be risky to reflect longer life spans for go without inflation adjustments Stepping into retirement is pensioners and this increases for the last decade. While this has to represent the Trade Commission (FTC). These because it is almost impossible to Search and Rescue types of calls are illegal, and the get your money back. exciting, a time of transition and the cost of the plan. Another contributed to keeping the Public new budget. Learn about your change has been to decrease the Employee Plan well-funded, there members on the products are often fake. Do not press 1 to speak Social Security readiness by answering seven assumption for investment returns, is a duty to address the need for Volunteer Plan Suspending Benefits which also increases the cost of the inflation relief and stakeholder Board. to a representative questions to consider before or to be taken off The Social Security Administration retirement. plan. groups are leading the way. Mr. Becker moved to Converse has seen a new scam. The SSA will the list. Doing 2. Delaying Social Security 2) Contributions gradually Conclusion It is good for Wyoming County in 1986 to serve as a so could lead to never call to threaten your benefits, Benefits Did you know that increased: An adequate to have solid public pension plans. Wyoming Highway Patrol trooper. just more phone they will never ask you to wire your benefits will change based contribution rate is key to the health WRS paid $642 million in pension He served for 20 years with the calls. money or send cash or put money of a pension plan. The Board benefits to members in 2018, and on a gift card. on when you start claiming a Patrol. Watch for Con Artists advocates for legislative changes most of it stays in Wyoming; benefiting Stay up-to-date with press releases benefit. This fact sheet helps to the contribution rates when both state and local economies. The Currently, as Converse County Con artists often pretend to be you understand the changes if Sheriff he oversees the Search and someone you trust, like a family and a newsletter that highlights needed. In 2016, the legislature cost of necessary changes has been the efforts the Federal Trade you start early or later. passed a four year plan to gradually shared among employers, employees Rescue Operations for the county. member, a charity, or a company As an all-volunteer organization it you do business with. Do not Commission to protect consumers. 3. Planning for and Living in raise the contribution rate for the and retirees. We must work together Sign up at: Retirement worksheet is about 1 gives it’s time to help those who send money or give out personal Public Employee Plan . Importantly toward a secure future, and WRS www.ftc.gov/stay-connected lose their way. The group is made information in response to an the changes you need to make when the four year plan is is engaged with stakeholders and when you transition from saving completed, a total of 7.37% more in policymakers to that end. up of approximately 30 members of unexpected request – whether varying ages and experiences with it comes as a phone call, text or for retirement to living on your 1 The majority of WRS’ members are in the Public Employee Pension, and this article focuses on that plan. The a wide variety of skills. email. retirement benefits. 2 WRS Board engages in similar proactive management for all eight of Wyoming’s public pension plans. 3