§ 9-3-436 — Establishment of trust

(a) Except as otherwise provided in subsection (b) of this
section, all assets of a retirement system are held in trust for
the exclusive benefit of the members, retirees and beneficiaries
of the system, including reasonable administrative expenses.
The trustee has the exclusive authority, subject to this act, to
invest and manage those assets, subject to the requirements of
W.S. 9-4-722.
(b) Assets of a retirement system which consist of
insurance contracts or policies issued by an insurer, assets of
an insurer, and assets of the system held by an insurer need not
be held in trust.
(c) If an insurer issues a guaranteed benefit policy to a
retirement system, assets of the system include the policy but
not assets of the insurer.
(d) If a retirement system invests in a security issued by
an investment company registered under the Investment Company
Act of 1940 (15 U.S.C. Section 80a-1 et seq.), the assets of the
system include the security, but not assets of the investment
company.