Retirement

Jordan Wirfs-Brock / Inside Energy

(This is the first in an occasional series on the financing behind the country’s energy boom.)

Oil prices are slipping to levels not seen in years. That is bad for oil companies, but it has to be good for consumers, right?

The story is more complicated than that.  Nearly all of us with retirement accounts--the tens of millions of Americans with IRAs, 401Ks, 403Bs, or pension funds--are actually solidly invested in oil and gas companies.

After meeting with its actuaries, the Wyoming Retirement System learned it’s doing better than expected. That’s thanks to the legislature’s increases to the state’s contributions to the fund, and investment returns that came in above projections.  Executive Director Ruth Ryerson says the long term outlook for the retirement fund is excellent.

“Pretty much, every plan is projected in 30 years or less to be 100 percent funded.  And that’s the goal.  That means you have every dollar you need to meet every liability you have.”

Another effort to change Wyoming’s mandatory retirement age for Supreme Court Justices and State Court Judges has gained initial support from the state House of Representatives.  The current retirement age is 70 and a number of groups have called for that mandatory age to be raised because they say that too many good judges are being forced into retirement.  The most recent was Supreme Court Justice Michael Golden.  But in the past, the House and Senate could not reach a consensus on what the retirement age should be.  Sponsor, Cheyenne Republican Dan Zwonitzer, says he is taking a differen

Retirement Bill Fails

Feb 16, 2012

The Wyoming House of Representatives has defeated a bill that would have changed the state retirement system.  Cheyenne Republican Bryan Pedersen wanted those hired after July first 2014 to be entered into a 401K style retirement plan versus the current defined benefit plan. 

The reason for the defeat is because Pedersen believes the current state plan will run out of money. 

However, opponents questioned Pedersen’s numbers and his timing, and Casper Republican Steve Harshman says it’s too big of a change in a short budget session.