§ 9-3-438 — Delegation of functions

Wyoming § 9-3-438

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

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(a) A trustee or administrator may delegate functions that
a prudent trustee or administrator acting in a like capacity and
familiar with those matters could properly delegate under the
circumstances.
(b) The trustee or administrator shall exercise reasonable
care, skill and caution in:
(i) Selecting an agent;
(ii) Establishing the scope and terms of the
delegation, consistent with the purposes and terms of the
retirement program; and
(iii) Periodically reviewing the agent's performance
and compliance with the terms of the delegation.
(c) In performing a delegated function, an agent owes a
duty to the retirement system and to its participants and
beneficiaries to comply with the terms of the delegation and, if
a fiduciary, to comply with the duties imposed by W.S. 9-3-439.
(d) A trustee or administrator who complies with
subsections (a) and (b) of this section is not liable to the
retirement system or to its participants or beneficiaries for
the decisions or actions of the agent to whom the function was
delegated.
(e) By accepting the delegation of a function from the
trustee or administrator, an agent submits to the jurisdiction
of the courts of this state.
(f) A trustee may limit the authority of an administrator
to delegate functions under this section.