§ 9-1-409 — State treasurer; duties generally; demand accounts; state revenues paid to treasurer

Wyoming § 9-1-409

• Jurisdiction: Wyoming
• Title 09: Administration of the Government
• Ch. 1: STATE OFFICERS
• Art. 4: AUDITOR AND TREASURER

Text

(a) The state treasurer shall:
(i) Receive and keep all monies of the state not
required by law to be received and kept by another state
official;
(ii) Pay all warrants duly and legally issued by the
auditor so long as there are in his hands funds sufficient to
pay the warrants;
(iii) Keep a just, true and comprehensive account of
all money received and disbursed;
(iv) Have general responsibility for the management
of state cash resources, including developing information in
conjunction with the state auditor, to forecast the cash needs
of the state;
(v) Be responsible for the investment of state funds.
(b) The state treasurer may use demand accounts to pay
warrants or to pay for investments. A record of the use of
demand accounts shall be created and maintained in the
treasurer's office.
(c) Every state officer, employee, department or
commission receiving revenue for or on behalf of the state from
any source shall pay all revenue to the state treasurer as
directed by him.
(d) The state treasurer may employ legal counsel to review
contracts entered into by the state treasurer in his official
capacity and perform other duties as assigned by the state
treasurer. Nothing in this subsection prohibits the state
treasurer from using the services of the attorney general's
office.
(e) The state treasurer may implement and administer a
performance compensation plan in accordance with this
subsection. The plan shall:
(i) Be limited to those at-will employees of the
state treasurer's office listed in paragraph (ii) of this
subsection who are directly engaged in investing assets of the
state;
(ii) Be limited to the following participating
employees:
(A) Chief investment officer;
(B) Senior investment officer;
(C) Investment officer;
(D) Senior analyst;
(E) Analyst.
(iii) Seek to maximize total returns net of fees on
investments authorized by law and in the best interest of the
state;
(iv) Be based solely on investment performance
exceeding investment benchmarks as established by the investment
funds committee created by W.S. 9-4-720 for each fund and asset
class for an investment period. No performance compensation
shall be paid under the plan unless the investment funds
committee determines that the established benchmarks have been
exceeded;
(v) Measure investment performance during an
investment period based on the following:
(A) Fifty percent (50%) related to total fund
performance. For purposes of this subsection, "total fund"
means the total or overall investment portfolio of funds managed
by the state treasurer's office, excluding the following:
(I) Funds invested for a specific public
purpose;
(II) Investments specifically directed by
the state treasurer or state loan and investment board and not
made at the recommendation of participating employees.
(B) Fifty percent (50%) related to the
performance of the employee's individual assigned asset classes.
(vi) Provide that payments for investment performance
for any one (1) investment period shall be as follows:
(A) For payments earned in fiscal year 2020 -
the investment performance beginning July 1, 2019 and ending
June 30, 2020;
(B) For payments earned in fiscal year 2021 -
the arithmetic average of the investment performance beginning
July 1, 2019 and ending June 30, 2020 and the investment
performance beginning July 1, 2020 and ending June 30, 2021;
(C) For payments earned in fiscal year 2022
through fiscal year 2025 - the arithmetic average of the annual
investment performance beginning that fiscal year and the two
(2) immediately preceding fiscal years;
(D) For payments earned in fiscal year 2026 and
each fiscal year thereafter – the geometric average of the
annual investment performance beginning that fiscal year and the
two (2) immediately preceding fiscal years.
(vii) Be funded from investment returns, with each
invested fund's share calculated in proportion to the magnitude
of aggregate investment earnings of each fund invested,
including interest and dividends, which shall be continuously
appropriated for payment of performance compensation as
authorized by this subsection;
(viii) Include a limit for total payments to all
participating employees for performance compensation earned in
any one (1) investment period in an amount not to exceed two
percent (2%) of net investment returns above the established
benchmark of the total fund for that investment period for
payments pursuant to subparagraph (v)(A) of this subsection and
two percent (2%) of net investment returns above the established
benchmark of the employee's individual assigned asset classes
for that investment period for payments pursuant to subparagraph
(v)(B) of this subsection;
(ix) Include a limit for total payments to an
individual employee for performance compensation earned in any
one (1) investment period in an amount not to exceed the
following:
(A) One hundred percent (100%) of a chief
investment officer's base salary;
(B) Seventy-five percent (75%) of a senior
investment officer's base salary;
(C) Fifty percent (50%) of an investment
officer's base salary;
(D) Thirty-five percent (35%) of a senior
analyst's or analyst's base salary.
(x) Provide that performance compensation earned in
any one (1) investment period will be paid over a three (3) year
period as follows:
(A) Twenty-five percent (25%) during the fiscal
year immediately following the fiscal year in which the
performance compensation was earned;
(B) Twenty-five percent (25%) during the second
fiscal year following the fiscal year in which the performance
compensation was earned;
(C) Fifty percent (50%) during the third fiscal
year following the fiscal year in which the performance
compensation was earned.
(xi) Provide that performance compensation shall be
forfeited by an employee upon termination of employment subject
to an anti-compete agreement for future employment related to
asset management. This paragraph shall not apply to termination
based on death, disability or retirement;
(xii) Provide that performance compensation shall not
be included as compensation for the purpose of computing
retirement or pension benefits earned by the employee;
(xiii) Subject participating employees to the
following terms and conditions related to leave time:
(A) Chief investment officers, senior investment
officers and investment officers shall receive leave time in the
same manner and amount as department directors under W.S. 9-2-
1706(b);
(B) Senior analysts and analysts shall receive
leave time in accordance with standards and rules established or
promulgated in accordance with W.S. 9-2-3207(a).
(xiv) Provide that performance compensation shall
only be based on performance criteria occurring on or after the
execution of an employment contract in accordance with this
subsection. No performance compensation shall be paid other
than as provided in the employment contract;
(xv) Be submitted to the joint appropriations
committee and the select committee on capital financing and
investments for comment, and approved by the human resources
division, prior to implementation. The human resources division
shall not disapprove a performance compensation plan which
complies with the requirements of this subsection;
(xvi) Be submitted and administered by the state
treasurer as a separately designated and appropriated budget
unit.
(f) The state treasurer shall report to the joint
appropriations committee and the select committee on capital
financing and investments by November 1 of each year on the plan
authorized by subsection (e) of this section. The report shall
include:
(i) Payments and methodology of calculating payments
under the plan;
(ii) A measurement quantifying the risk resulting
from the variation between the prior year's investment
benchmarks and the prior year's actual investments;
(iii) An estimate of future payments under the plan
and future expected investment benchmarks.
(g) The state treasurer shall have the authority to obtain
the financial and criminal background history of an employee,
intern or applicant for employment of the state treasurer's
office.
(h) The state treasurer may reimburse the actual moving
expenses of employees specified in paragraph (ii) of this
subsection when the employee is moving to begin employment with
the state treasurer's office and for the benefit of the state of
Wyoming in accordance with the following:
(i) The reimbursement provided to any one (1)
employee under this subsection shall not exceed the employee's
actual moving expenses or ten thousand dollars ($10,000.00),
whichever is less;
(ii) The reimbursement shall only be provided to
employees hired to fill the position of chief investment
officer, senior investment officer, investment officer, senior
analyst or analyst;
(iii) The reimbursement shall only be provided to
employees who are relocating to live and establish residency in
Wyoming. Reimbursement shall be repaid in full if the employee
does not retain residency for two (2) years and the employee
does not remain employed by the state treasurer's office or the
Wyoming retirement system.
(j) Beginning on July 1, 2023 and thereafter, the maximum
annual salary to be paid for each investment staff position
classification, as determined by the state treasurer, shall be
as follows:
(i) Three hundred thousand dollars ($300,000.00) for
the chief investment officer;
(ii) Two hundred twenty-six thousand eight hundred
dollars ($226,800.00) for a senior investment officer;
(iii) One hundred fifty-eight thousand four hundred
dollars ($158,400.00) for an investment officer;
(iv) One hundred eleven thousand six hundred dollars
($111,600.00) for a senior analyst;
(v) Eighty-four thousand dollars ($84,000.00) for an
analyst.