§ 9-3-441 — Special application of duties

(a) A trustee may return a contribution to a public
employer or employee, or make alternative arrangements for
reimbursement, if the trustee determines the contribution was
made because of a mistake of fact or law.
(b) Upon termination of a retirement program, a trustee
may return to a public employer any assets of the program
remaining after all liabilities of the program to participants
and beneficiaries have been satisfied.
(c) If a retirement program provides for individual
accounts and permits a participant or beneficiary to exercise
control over the assets in such an account and a participant or
beneficiary exercises control over those assets:
(i) The participant or beneficiary is not a fiduciary
by reason of the exercise of control; and
(ii) A person who is otherwise a fiduciary is not
liable for any loss, or by reason of any breach of fiduciary
duty, resulting from the participant's or beneficiary's exercise
of control.
(d) If an insurer issues to a retirement system a contract
or policy that is supported by the insurer's general account,
but is not a guaranteed benefit policy, the insurer complies
with W.S. 9-3-439 if it manages the assets of the general
account with the care, skill and caution under the circumstances
then prevailing which a prudent person acting in a like capacity
and familiar with those matters would use in the conduct of an
activity of like character and purpose, taking into account all
obligations supported by the general account.