Read the full stored bill text
25LSO-0783
2025
STATE OF WYOMING
25LSO-0783
ENGROSSED
3.0
SENATE FILE NO. SF0197
Wyoming generational investment account-2.
Sponsored by: Senator(s) Driskill, Landen and Schuler and Representative(s) Larsen, L and Larson, JT
A BILL
for
AN ACT relating to the investment of state funds; creating the Wyoming generational investment account; specifying the investment of funds in the account; specifying the disposition of investment earnings; providing for the accounting and administration of the account; requiring transfers of funds; requiring reports; making conforming amendments; and providing for an effective date.
Be It Enacted by the Legislature of the State of Wyoming:
Section 1
.
W.S. 9
‑
4
‑
227 is created to read:
9
‑
4
‑
227.
Wyoming generational investment account.
(a)
There is created the Wyoming generational investment account. The account shall consist of all funds transferred or appropriated to the account by law. All monies deposited or transferred into the account are inviolate and constitute a permanent or perpetual trust fund, subject to the provisions for the withdrawal of funds provided by this section.
(b)
The state treasurer shall invest all funds within the Wyoming generational investment account in accordance with W.S. 9
‑
4
‑
715(a) and (c) through (e) and 9
‑
4
‑
716. W.S. 9
‑
4
‑
716(e) shall not apply to the account. The state treasurer, or the treasurer's designee, which shall be registered under the federal Investment Advisor's Act of 1940, as amended and if required to be registered by the terms of that act, may invest the unobligated, unencumbered balance of the account in equities, including stocks of corporations. The account shall be invested so that the overall risk profile of the account's investments shall not materially exceed the risk profile of a reference portfolio that consists of eighty
‑
five percent (85%) private equity and fifteen percent (15%) private credit investments. In adopting investment policy statements for the account, the board shall seek to preserve the balance of the account in a manner that strives for the highest possible risk
‑
adjusted total net return consistent with an appropriate level of safety and liquidity, giving consideration to the account's potential extended investment period and the extended period during which monies in the account may be ineligible for withdrawal.
(c)
Beginning on July 1, 2026 and annually on each July 1 thereafter until July 1, 2056, transfers shall be made by the state auditor from the legislative stabilization reserve account to the Wyoming generational investment account in accordance with all of the following:
(i)
The annual transfer shall be:
(A)
One hundred million dollars ($100,000,000.00), if the balance of the legislative stabilization reserve account exceeds one billion seven hundred fifty million dollars ($1,750,000,000.00);
(B)
Seventy
‑
five million dollars ($75,000,000.00), if the balance of the legislative stabilization reserve account exceeds one billion five hundred million dollars ($1,500,000,000.00) but is less than or equal to one billion seven hundred fifty million dollars ($1,750,000,000.00);
(C)
Fifty million dollars ($50,000,000.00), if the balance of the legislative stabilization reserve account exceeds one billion two hundred fifty million dollars ($1,250,000,000.00) but is less than or equal to one billion five hundred million dollars ($1,500,000,000.00);
(D)
Twenty
‑
five million dollars ($25,000,000.00), if the balance of the legislative stabilization reserve account exceeds one billion dollars ($1,000,000,000.00) but is less than or equal to one billion two hundred fifty million dollars ($1,250,000,000.00);
(E)
Zero dollars ($0.00), only if the balance of the legislative stabilization reserve account is equal to or less than one billion dollars ($1,000,000,000.00).
(ii)
Transfers shall be made under this subsection if funds are available from the legislative stabilization reserve account;
(iii)
The transfer required under this subsection shall be made after all other transfers and appropriations from the legislative stabilization reserve account required by law are made.
(d)
On July 1 of the fiscal year after thirty (30) fiscal years after the first deposit to the Wyoming generational investment account, thirty
‑
seven and one
‑
half percent (37.5%) of all investment earnings in the Wyoming generational investment account attributable to the annual transfer to the account made thirty (30) fiscal years earlier shall be deposited in the general fund. For purposes of this subsection:
(i)
"Investment earnings" include interest, income, dividends and realized capital gains;
(ii)
Investment earnings shall be distributed under this subsection thirty (30) years after the initial contribution and thirty (30) years following each of the respective subsequent contributions;
(iii)
The state treasurer may liquidate or sell investments according to the fiduciary obligations associated with the investments.
(e)
Not later than November 1 of each year, the state treasurer shall report to the joint appropriations committee and the select committee on capital financing and investments regarding the investment of funds in the Wyoming generational investment account.
Section 2.
W.S. 9
‑
4
‑
203(a)(xiii) and 9
‑
4
‑
716(e) are amended to read:
9
‑
4
‑
203.
Definitions.
(a)
As used in this act:
(xiii)
"This act" means W.S. 9
‑
4
‑
202 through
9
‑
4
‑
226
9
‑
4
‑
227
.
9
‑
4
‑
716.
State investment policy; investment consultant
.
(e)
In investing monies of a fund or account which may be invested in stock of a corporation or other equities, the overall risk profile of the investments, excluding any specific public purpose investment authorized or directed by the legislature,
shall not materially exceed the risk profile of a reference portfolio that consists of seventy percent (70%) global equities and thirty percent (30%) domestic fixed income investments. The state treasurer after consultation with the investment funds committee shall submit to the board the committee's recommendations of specific benchmarks for the measurement of the portfolio risk characteristics. The specific benchmarks shall be determined by the board. Any provision of law which restricts
or expands
the investment of a specific fund or account to a greater degree than the provisions of this subsection shall control over this subsection.
Section 3
.
This act is effective immediately upon completion of all acts necessary for a bill to become law as provided by Article 4, Section 8 of the Wyoming Constitution.
(END)
1
SF0197