This bill mandates an annual financial examination of the Wyoming retirement system's performance compensation plan, starting from fiscal year 2025. The examination will be conducted by an independent third party selected by the board and will include a review of benchmark achievements, an asset attribution analysis, and a compliance check of performance compensation calculations. The costs of the examination will be funded from investment returns, and the results will be reported to the joint appropriations committee and the select committee on capital financing and investments by November 15 each year. Additionally, the results of these examinations will be classified as public records, ensuring transparency.

To implement these changes, the bill introduces new legal language to the existing statutes, specifically adding provisions to W.S. 9-3-406 regarding the performance compensation plan and its examination requirements. It also amends W.S. 16-4-203 to clarify that the results of the annual financial examination, along with employment contracts and agreements, are not part of personnel files and are available for public inspection. The act is set to take effect on July 1, 2024.

Statutes affected:
24LSO-0250 v0.5: 9-3-406