SF0197

Failed

Wyoming generational investment account-2.

Create a Wyoming generational investment account for long-term state fund investment with specified earnings disposition and reporting requirements.

Full legal title

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.

Budget

Sponsor:

Co-sponsors: Representative(s) Larsen, L, Larson, JT, Senator(s) Landen, Schuler

View on wyoleg.gov Introduced Text (PDF)Digest (PDF)Engrossed (PDF)Fiscal Note (PDF)

What does this bill do?

Creates the Wyoming generational investment account as a permanent trust fund to be invested primarily in private equity and private credit, with annual transfers from the legislative stabilization reserve account and phased distributions of investment earnings beginning 30 years after initial deposits.

Establishes the Wyoming generational investment account as a permanent or perpetual trust fund consisting of all transferred or appropriated funds, with deposits and funds designated as inviolate. (W.S. 9-4-227(a))
Authorizes the state treasurer to invest account funds in equities including corporate stocks, with an overall risk profile targeting 85% private equity and 15% private credit investments. (W.S. 9-4-227(b))
Requires the state auditor to transfer $100,000,000 annually from the legislative stabilization reserve account to the Wyoming generational investment account from July 1, 2025 through July 1, 2055, after all other required transfers are made. (W.S. 9-4-227(c))
Requires the state treasurer to separately account for each annual transfer and its earnings, prohibits withdrawal of the annual transfers themselves, and permits withdrawal of investment earnings only as specified in subsection (e). (W.S. 9-4-227(d))
Provides that beginning 30 fiscal years after the first deposit, 37.5% of investment earnings from each annual transfer shall be deposited to the general fund, with remaining earnings reinvested in the account. (W.S. 9-4-227(e))
Defines investment earnings to include realized gains, interest income, dividends, realized capital gains, and returned capital, distributed 30 years after each respective contribution. (W.S. 9-4-227(e)(i), W.S. 9-4-227(e)(ii))
Requires the state treasurer to submit an annual report to the joint appropriations committee and select committee on capital financing and investments by November 1, including the investment policy statement review and estimates of future distributions. (W.S. 9-4-227(f))
Amends the definitions section to include the new Wyoming generational investment account statute in the scope of the Wyoming investment act.