§ 9-3-408 — Designated custodian of retirement account; disbursements; investment of account monies

Wyoming § 9-3-408

• Jurisdiction: Wyoming
• Title 09: Administration of the Government
• Ch. 3: COMPENSATION AND BENEFITS
• Art. 4: RETIREMENT

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(a) The board may designate the state treasurer or a
master custodial bank approved by the state treasurer as the
custodian of the retirement account. Disbursements from the
retirement account for purposes specified in W.S. 9-3-407(c)
shall be made upon warrants drawn by the state auditor upon
certification by authorized system employees or using an
appropriate alternative method approved by the state auditor.
All retirement account disbursements shall be accounted for in
accordance with the uniform state accounting system or in a
manner approved by the state auditor or the state treasurer as
provided under W.S. 9-4-214. As used in this subsection,
"authorized system employees" means the director and his
designees who have authorized signatures on file with the state
auditor.
(b) The board, or its designee, which shall be registered
under the Investment Advisor's Act of 1940 as amended, or any
bank as defined in that act, upon written authority, shall
invest monies in the retirement account, which investments shall
not be considered disbursements for the purposes of W.S. 9-4-214
and subsection (a) of this section. In investing and managing
monies in the retirement account and subject to the requirements
of W.S. 9-4-722, the board, or its designee, shall exercise the
judgment and care that a prudent investor would, in light of the
purposes, terms, distribution requirements and all other
circumstances surrounding the monies in the retirement account,
including risk and return objectives established by the board
which are reasonably suitable to the purpose of the Wyoming
retirement system.
(c) Repealed By Laws 1997, ch. 148, § 2.
(d) The director of the retirement system, upon approval
and authority of the retirement board, may make use of the
services of whatever investment board or commission which has
been designated by legislative action for the purpose of
assisting in the selection of investments for public funds of
this state.
(e) The board may for purposes of this section, retain the
services of a custodial bank to supervise a program of
securities lending in exchange for a fee or other consideration.
Supervision of the program shall include:
(i) Procedures to review the creditworthiness of all
borrowers;
(ii) Requirements for full collateralization of all
loans; and
(iii) Other methods and procedures required by the
board for securing the lending program.
(f) Repealed By Laws 2006, Chapter 51, § 2.