§ 9-3-443 — Liability of trustee or other fiduciary

(a) Except as provided in subsection (e) of this section,
a trustee or other fiduciary who breaches a duty imposed by this
act is personally liable to a retirement system for any losses
resulting from the breach and any profits made by the trustee or
other fiduciary through use of assets of the system by the
trustee or other fiduciary. The trustee or other fiduciary is
subject to other equitable remedies as the court considers
appropriate, including removal.
(b) An agreement that purports to limit the liability of a
trustee or other fiduciary for a breach of duty under this act
is void.
(c) A retirement system may insure itself against
liability or losses occurring because of a breach of duty under
this act by a trustee or other fiduciary.
(d) A trustee or other fiduciary may insure against
liability or losses occurring because of a breach of duty under
this act if the insurance is purchased or provided either by the
trustee or fiduciary personally or, on the trustee or
fiduciary's behalf, by this state, the retirement system, a
public employer whose employees participate in a retirement
program served by the trustee or fiduciary, an employee
representative whose members participate in a retirement program
served by the trustee or fiduciary or the trustee or fiduciary's
employer.
(e) Notwithstanding subsection (a) of this section and as
provided in the Wyoming Governmental Claims Act, individual
board members of a retirement system are immune from liability
while acting within the scope of administering and operating a
retirement system and are not personally liable for breaches of
fiduciary duties in carrying out system administration and
operation except in cases of willful misconduct, intentional
torts or illegal acts.