This bill amends existing laws regarding the investment of state funds in Wyoming, specifically focusing on the roles and responsibilities of the investment funds committee and the state treasurer. It grants the investment funds committee the authority to approve the selection of investment managers and allows for the delegation of this approval power to the state treasurer, contingent upon a majority vote from the committee. The bill stipulates that each investment manager must be selected through a competitive process, and the committee must provide a separate delegation for each investment manager decision. Additionally, the state treasurer is required to report to the investment funds committee at least semi-annually regarding the performance of hired investment managers.

The bill also includes provisions for the state treasurer to serve as the chairman of the investment funds committee, which is mandated to hold a minimum of four meetings each year. It emphasizes that decisions made by the committee require a majority vote of all voting members, rather than just a quorum. Furthermore, the bill introduces a new requirement for investment managers to provide quarterly performance reports to the state treasurer, who will then relay this information to the committee. The effective date for this act is set for July 1, 2025.