The bill amends existing laws regarding the investment of state funds in Wyoming, specifically granting the investment funds committee the authority to approve investments in alternative assets and to select investment managers. The state treasurer is tasked with making recommendations and obtaining approval from the investment funds committee before proceeding with alternative investments. The committee can delegate its approval authority to the state treasurer, allowing for a more streamlined process. Additionally, the state treasurer is required to report to the investment funds committee regarding the performance of investment managers at least semi-annually.

Key changes include the replacement of the term "board" with "investment funds committee" in various sections, emphasizing the committee's role in overseeing investment decisions. The bill also establishes that the committee will meet regularly and that decisions will be made by a majority vote of its members. Furthermore, the committee is given explicit duties to approve or reject the selection of investment managers and investments in alternative assets, ensuring a structured approach to managing state investments. The act is set to take effect on July 1, 2025.