§ 9-3-507 — Special account for administrative expenses; deposits and expenditures; account balance specified; audit required

Wyoming § 9-3-507

• Jurisdiction: Wyoming
• Title 09: Administration of the Government
• Ch. 3: COMPENSATION AND BENEFITS
• Art. 5: DEFERRED COMPENSATION PROGRAM

Text

(a) The board shall deposit all fees paid by providers
under the program for enrollment and servicing of accounts of
program participants and all amounts deducted from compensation
deferred by program participants for administrative and
accounting purposes, into an account with a financial
institution selected by the board. The board shall account for
all deposits into and all authorized payments from the account.
(b) Expenditures from the account established under
subsection (a) of this section shall be for the following
administrative expenses:
(i) Enrollment of program participants;
(ii) Servicing of accounts established for program
participants;
(iii) Necessary accounting, legal and other
professional services;
(iv) Per diem and travel expense reimbursement to
members and employees of the board for time actually devoted to
the administration of and responsibilities imposed under this
article; and
(v) Other necessary administrative costs incurred in
administering the program.
(c) The account balance shall be an amount sufficient to
meet the annual administrative expenses of the program. The
board shall conduct contract negotiations with providers to
establish enrolling and servicing fees imposed upon the program
at an amount necessary to pay administrative expenses from the
account while providing the maximum investment earnings and
benefits to program participants.
(d) The board shall provide for an independent audit of
the account on an annual basis. A summary of the audit and its
findings shall be included as part of the annual report by the
board as required by law.