Wyoming 2025 Regular Session

Wyoming Senate Bill SF0197 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1	1		2025
2	2		STATE OF WYOMING
3		-	25LSO-0783
4		-	ENGROSSED
5		-	1SF0197
	3	+	25LSO-07831SF0197
6	4		SENATE FILE NO. SF0197
7	5		Wyoming generational investment account-2.
8	6		Sponsored by: Senator(s) Driskill, Landen and Schuler and
9	7		Representative(s) Larsen, L and Larson, JT
10	8		A BILL
11	9		for
12	10		1 AN ACT relating to the investment of state funds; creating
13	11		2 the Wyoming generational investment account; specifying the
14	12		3 investment of funds in the account; specifying the
15	13		4 disposition of investment earnings; providing for the
16	14		5 accounting and administration of the account; requiring
17	15		6 transfers of funds; requiring reports; making conforming
18	16		7 amendments; and providing for an effective date.
19	17		8
20	18		9
21	19		10
22	20		11. W.S. 9-4-227 is created to read:
23	21		12
24	22		13
25		-	14 2025STATE OF WYOMING25LSO-0783
26		-	ENGROSSED
27		-	2SF01971 (a) There is created the Wyoming generational
	23	+	14 2025STATE OF WYOMING25LSO-07832SF01971 (a) There is created the Wyoming generational
28	24		2 investment account. The account shall consist of all funds
29	25		3 transferred or appropriated to the account by law. All
30	26		4 monies deposited or transferred into the account are
31	27		5 inviolate and constitute a permanent or perpetual trust
32	28		6 fund, subject to the provisions for the withdrawal of funds
33	29		7 provided by this section.
34	30		8
35	31		9 (b) The state treasurer shall invest all funds within
36	32		10 the Wyoming generational investment account in accordance
37	33		11 with W.S. 9-4-715(a) and (c) through (e) and 9-4-716. W.S.
38	34		12 9-4-716(e) shall not apply to the account. The state
39	35		13 treasurer, or the treasurer's designee, which shall be
40	36		14 registered under the federal Investment Advisor's Act of
41	37		15 1940, as amended and if required to be registered by the
42	38		16 terms of that act, may invest the unobligated, unencumbered
43	39		17 balance of the account in equities, including stocks of
44	40		18 corporations. The account shall be invested so that the
45	41		19 overall risk profile of the account's investments shall not
46	42		20 materially exceed the risk profile of a reference portfolio
47	43		21 that consists of eighty-five percent (85%) private equity
48	44		22 and fifteen percent (15%) private credit investments. In
49		-	23 adopting investment policy statements for the account, the 2025STATE OF WYOMING25LSO-0783
50		-	ENGROSSED
51		-	3SF0197
	45	+	23 adopting investment policy statements for the account, the 2025STATE OF WYOMING25LSO-07833SF0197
52	46		1 board shall seek to preserve the balance of the account in
53	47		2 a manner that strives for the highest possible
54	48		3 risk-adjusted total net return consistent with an
55	49		4 appropriate level of safety and liquidity, giving
56	50		5 consideration to the account's potential extended
57	51		6 investment period and the extended period during which
58	52		7 monies in the account may be ineligible for withdrawal.
59	53		8
60		-	9 (c) Beginning on July 1, 2026 and annually on each
61		-	10 July 1 thereafter until July 1, 2056, transfers shall be
62		-	11 made by the state auditor from the legislative
63		-	12 stabilization reserve account to the Wyoming generational
64		-	13 investment account in accordance with all of the following:
	54	+	9 (c) Beginning on July 1, 2025 and annually on each
	55	+	10 July 1 thereafter until July 1, 2055, the state auditor
	56	+	11 shall transfer one hundred million dollars
	57	+	12 ($100,000,000.00), or as much thereof as is available, from
	58	+	13 the legislative stabilization reserve account to the
	59	+	14 Wyoming generational investment account. The transfer under
	60	+	15 this subsection shall occur after all other transfers and
	61	+	16 appropriations from the legislative stabilization reserve
	62	+	17 account required by law are made.
	63	+	18
	64	+	19 (d) Transfers made under subsection (c) of this
	65	+	20 section, and the investment of those transfers, shall be in
	66	+	21 accordance with all of the following:
	67	+	22 2025STATE OF WYOMING25LSO-07834SF01971 (i) The state treasurer shall separately account
	68	+	2 for each annual transfer made under subsection (c) of this
	69	+	3 section and shall separately account for all earnings from
	70	+	4 each annual transfer;
	71	+	5
	72	+	6 (ii) Annual transfers shall not be withdrawn
	73	+	7 from the account;
	74	+	8
	75	+	9 (iii) Investment earnings from each annual
	76	+	10 transfer shall not be withdrawn except in accordance with
	77	+	11 subsection (e) of this section.
	78	+	12
	79	+	13 (e) On July 1 of the fiscal year after thirty (30)
	80	+	14 fiscal years after the first deposit to the Wyoming
	81	+	15 generational investment account, thirty-seven and one-half
	82	+	16 percent (37.5%) of all investment earnings in the Wyoming
	83	+	17 generational investment account arising from the annual
	84	+	18 transfer to the account made thirty (30) fiscal years
	85	+	19 earlier shall be deposited in the general fund. All
	86	+	20 remaining investment earnings shall remain in the Wyoming
	87	+	21 generational investment account for continued investment in
	88	+	22 accordance with subsection (b) of this section. For
	89	+	23 purposes of this subsection: 2025STATE OF WYOMING25LSO-07835SF01971
	90	+	2 (i) "Investment earnings" mean all realized
	91	+	3 investment earnings, including interest income, dividends,
	92	+	4 realized capital gains and returned capital;
	93	+	5
	94	+	6 (ii) Investment earnings shall be distributed
	95	+	7 under this subsection thirty (30) years after the initial
	96	+	8 contribution and thirty (30) years following each of the
	97	+	9 respective subsequent contributions;
	98	+	10
	99	+	11 (iii) The state treasurer may liquidate or sell
	100	+	12 investments according to the fiduciary obligations
	101	+	13 associated with the investments.
65	102		14
66		-	15 (i) The annual transfer shall be:
67		-	16
68		-	17 (A) One hundred million dollars
69		-	18 ($100,000,000.00), if the balance of the legislative
70		-	19 stabilization reserve account exceeds one billion seven
71		-	20 hundred fifty million dollars ($1,750,000,000.00);
72		-	21
73		-	22 (B) Seventy-five million dollars
74		-	23 ($75,000,000.00), if the balance of the legislative 2025STATE OF WYOMING25LSO-0783
75		-	ENGROSSED
76		-	4SF0197
77		-	1 stabilization reserve account exceeds one billion five
78		-	2 hundred million dollars ($1,500,000,000.00) but is less
79		-	3 than or equal to one billion seven hundred fifty million
80		-	4 dollars ($1,750,000,000.00);
	103	+	15 (f) Not later than November 1 of each year, the state
	104	+	16 treasurer shall report to the joint appropriations
	105	+	17 committee and the select committee on capital financing and
	106	+	18 investments regarding the investment of funds in the
	107	+	19 Wyoming generational investment account. The report shall
	108	+	20 include information on the annual review of the account's
	109	+	21 investment policy statement and an estimate of investment
	110	+	22 earnings available for deposit to the general fund at the
	111	+	23 next following date of a distribution from the account. 2025STATE OF WYOMING25LSO-07836SF0197
	112	+	1
	113	+	2W.S. 9-4-203(a)(xiii) and 9-4-716(e) are
	114	+	3 amended to read:
	115	+	4
81	116		5
82		-	6 ~~(C) Fifty million dollars ($50,000,000.00),~~
83		-	7 ~~if the balance of the legislative stabilization reserve~~
84		-	8 ~~account exceeds one billion two hundred fifty million~~
85		-	9 ~~dollars~~ (~~$1,250,000,000.00~~) ~~but is less than or equal to~~
86		-	~~10 one billion five hundred million dollars~~
87		-	11 ~~($1,500,000,000.00);~~
	117	+	6
	118	+	7 (a) As used in this act:
	119	+	8
	120	+	9 (xiii) "This act" means W.S. 9-4-202 through
	121	+	109-4-227
	122	+	11
88	123		12
89		-	13 (D) Twenty-five million dollars
90		-	14 ($25,000,000.00), if the balance of the legislative
91		-	15 stabilization reserve account exceeds one billion dollars
92		-	16 ($1,000,000,000.00) but is less than or equal to one
93		-	17 billion two hundred fifty million dollars
94		-	18 ($1,250,000,000.00);
95		-	19
96		-	20 (E) Zero dollars ($0.00), only if the
97		-	21 balance of the legislative stabilization reserve account is
98		-	22 equal to or less than one billion dollars
99		-	23 ($1,000,000,000.00). 2025STATE OF WYOMING25LSO-0783
100		-	ENGROSSED
101		-	5SF01971
102		-	2 (ii) Transfers shall be made under this
103		-	3 subsection if funds are available from the legislative
104		-	4 stabilization reserve account;
105		-	5
106		-	6 (iii) The transfer required under this
107		-	7 subsection shall be made after all other transfers and
108		-	8 appropriations from the legislative stabilization reserve
109		-	9 account required by law are made.
110		-	10
111		-	11 (d) On July 1 of the fiscal year after thirty (30)
112		-	12 fiscal years after the first deposit to the Wyoming
113		-	13 generational investment account, thirty-seven and one-half
114		-	14 percent (37.5%) of all investment earnings in the Wyoming
115		-	15 generational investment account attributable to the annual
116		-	16 transfer to the account made thirty (30) fiscal years
117		-	17 earlier shall be deposited in the general fund. For
118		-	18 purposes of this subsection:
119		-	19
120		-	20 (i) "Investment earnings" include interest,
121		-	21 income, dividends and realized capital gains;
122		-	22 2025STATE OF WYOMING25LSO-0783
123		-	ENGROSSED
124		-	6SF01971 (ii) Investment earnings shall be distributed
125		-	2 under this subsection thirty (30) years after the initial
126		-	3 contribution and thirty (30) years following each of the
127		-	4 respective subsequent contributions;
128		-	5
129		-	6 (iii) The state treasurer may liquidate or sell
130		-	7 investments according to the fiduciary obligations
131		-	8 associated with the investments.
	124	+	13.
	125	+	14
	126	+	15 (e) In investing monies of a fund or account which
	127	+	16 may be invested in stock of a corporation or other
	128	+	17 equities, the overall risk profile of the investments,
	129	+	18 excluding any specific public purpose investment authorized
	130	+	19 or directed by the legislature, shall not materially exceed
	131	+	20 the risk profile of a reference portfolio that consists of
	132	+	21 seventy percent (70%) global equities and thirty percent
	133	+	22 (30%) domestic fixed income investments. The state
	134	+	23 treasurer after consultation with the investment funds 2025STATE OF WYOMING25LSO-07837SF0197
	135	+	1 committee shall submit to the board the committee's
	136	+	2 recommendations of specific benchmarks for the measurement
	137	+	3 of the portfolio risk characteristics. The specific
	138	+	4 benchmarks shall be determined by the board. Any provision
	139	+	5 of law which restricts the investment of a
	140	+	6 specific fund or account to a greater degree than the
	141	+	7 provisions of this subsection shall control over this
	142	+	8 subsection.
132	143		9
133		-	10 (e) Not later than November 1 of each year, the state
134		-	11 treasurer shall report to the joint appropriations
135		-	12 committee and the select committee on capital financing and
136		-	13 investments regarding the investment of funds in the
137		-	14 Wyoming generational investment account.
138		-	15
139		-	16W.S. 9-4-203(a)(xiii) and 9-4-716(e) are
140		-	17 amended to read:
141		-	18
142		-	19
143		-	20
144		-	21 (a) As used in this act:
145		-	22 2025STATE OF WYOMING25LSO-0783
146		-	ENGROSSED
147		-	7SF01971 (xiii) "This act" means W.S. 9-4-202 through
148		-	29-4-227
149		-	3
150		-	4
151		-	5.
152		-	6
153		-	7 (e) In investing monies of a fund or account which
154		-	8 may be invested in stock of a corporation or other
155		-	9 equities, the overall risk profile of the investments,
156		-	10 excluding any specific public purpose investment authorized
157		-	11 or directed by the legislature, shall not materially exceed
158		-	12 the risk profile of a reference portfolio that consists of
159		-	13 seventy percent (70%) global equities and thirty percent
160		-	14 (30%) domestic fixed income investments. The state
161		-	15 treasurer after consultation with the investment funds
162		-	16 committee shall submit to the board the committee's
163		-	17 recommendations of specific benchmarks for the measurement
164		-	18 of the portfolio risk characteristics. The specific
165		-	19 benchmarks shall be determined by the board. Any provision
166		-	20 of law which restricts the investment of a
167		-	21 specific fund or account to a greater degree than the
168		-	22 provisions of this subsection shall control over this
169		-	23 subsection. 2025STATE OF WYOMING25LSO-0783
170		-	ENGROSSED
171		-	8SF01971
172		-	2. This act is effective immediately upon
173		-	3 completion of all acts necessary for a bill to become law
174		-	4 as provided by Article 4, Section 8 of the Wyoming
175		-	5 Constitution.
176		-	6
177		-	7 (END)
	144	+	10. This act is effective immediately upon
	145	+	11 completion of all acts necessary for a bill to become law
	146	+	12 as provided by Article 4, Section 8 of the Wyoming
	147	+	13 Constitution.
	148	+	14
	149	+	15 (END)