§ 9-3-440 — Duties of trustee in investing and managing assets of retirement system

Wyoming § 9-3-440

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

Text

(a) In investing and managing assets of a retirement
system pursuant to W.S. 9-3-439 and subject to W.S. 9-4-722, a
trustee with authority to invest and manage assets:
(i) Shall consider among other circumstances:
(A) General economic conditions;
(B) The possible effect of inflation or
deflation;
(C) The role that each investment or course of
action plays within the overall portfolio of the retirement
program or appropriate grouping of programs;
(D) The expected total return from income and
the appreciation of capital;
(E) Needs for liquidity, regularity of income
and preservation or appreciation of capital; and
(F) For defined benefit plans, the adequacy of
funding for the plan based on reasonable actuarial factors.
(ii) Shall diversify the investments of each
retirement program or appropriate grouping of programs unless
the trustee reasonably determines that, because of special
circumstances, it is clearly prudent not to do so;
(iii) Shall make a reasonable effort to verify facts
relevant to the investment and management of assets of a
retirement system;
(iv) May invest in any kind of property or type of
investment consistent with this act; and
(v) May consider benefits created by an investment in
addition to investment return only if the trustee determines
that the investment providing these collateral benefits would be
prudent even without the collateral benefits.
(b) A trustee with authority to invest and manage assets
of a retirement system shall adopt a statement of investment
objectives and policies for each retirement program or
appropriate grouping of programs, subject to the requirements of
W.S. 9-4-722. The statement shall include the desired rate of
return on assets overall, the desired rates of return and
acceptable levels of risk for each asset class, asset-allocation
goals, guidelines for the delegation of authority and
information on the types of reports to be used to evaluate
investment performance. At least annually, the trustee shall
review the statement and change or reaffirm it.