Wyoming Retirement Systems director briefs Riverton council on pension funding and upcoming rate changes

David Swindell, executive director of Wyoming Retirement Systems, briefed the Riverton City Council on May 6 about the state retirement system’s funding status, investment performance and a phased rate approach under recent legislation.

Swindell said the system manages about $11.5 billion in assets and administers defined benefit plans covering public employees, law enforcement, volunteer firefighters and a 457 deferred-compensation program. He told the council that pensions are a major retention and recruitment tool for public employers and that investment earnings historically fund a large share of pension payouts; he said about 68% of benefits are met through investment returns.

Swindell discussed funding ratios and recent gains, noting the public employee plan was approaching 80% funded and that House Bill 83 allows the retirement board to phase in rate increases toward the actuarially determined contribution. He said the board will implement a roughly 0.5 percentage-point increase effective July 1, 2026, followed by a smaller increase if needed in 2028, with the board meeting in Lander the next day to set allocations and review actuarial updates.

Council members asked about plan differences for law enforcement and judges, rollover options for multiple accounts, and how contribution changes will be communicated. Swindell said the system will provide notice in advance and emphasized that sound funding reduces long-term risk for employers and retirees.