Investment of public funds-fixed deferred annuities.

2017
STATE OF WYOMING
17LSO-0386
Introduced
1.2

HOUSE BILL

NO.
HB0217

Investment of public funds-fixed deferred annuities.

Sponsored by:
Representative(s) Freeman, Dayton and Greear

A BILL

for

AN ACT relating to public funds; providing that public funds may be invested in fixed deferred annuities as specified; authorizing rulemaking; and providing for an effective date.

Be It Enacted by the Legislature of the State of Wyoming:

Section 1
.

W.S. 9
‑
4
‑
831(
a) by creating a new paragraph (xxviii) is amended to read:

9
‑
4
‑
831
.

Investment of public funds.

(a)

The state treasurer, or treasurer of any political subdivision, municipality or special district of this state, and the various boards of trustees and boards of directors of county hospitals, airports, fairs and other duly constituted county boards and commissions, may invest in:

(xxviii)

A
fixed deferred annuity if issued and guaranteed by a United States
mutual
insurance company. The credit quality of the issuer and guarantor shall be the highest category of either A. M. Best, Moody's or Standard and Poor's rating service. The
terms of the fixed deferred annuity s
hall provide the governmental entity a nonpenalized right of withdrawal of the
base funds within two (2) years of
purchase
if the credit quality of the
issuer and guarantor
is downgraded
. Investment in
a
fixed deferred annuit
y
under this paragraph
shall be subject to rules adopted by the state loan and investment board
. The rules shall
specify

additional
conditions and terms governing investment in
a fixed deferred annuity
,
including
maximum
fee
s

or charges that may be
assessed
by the issuer and
guarantor.

Section

2
.

This
act is effective July 1,
201
7
.

(END)

1
HB0217