WRS is administered by an 11-member board, which includes the state treasurer, two public employees, two employees representing the public school system or higher education, one retired member of WRS and five qualified Wyoming electors not employed by any participating employer of WRS. All board members, with the exception of the state treasurer, are appointed by the governor for terms of six years. Board members are legally required to act in the best interest of the members of WRS.
The Board holds quarterly public meetings, and establishes rules and regulations for administering the pension and 457 plans. The Board employs a director, who serves as its secretary and is responsible for managing the staff and daily operation of WRS.
With guidance from the executive director and the chief investment officer, the board provides oversight on the investment of all retirement funds and monitors the performance of the investment managers hired. The board contracts with an actuarial firm to value the funding levels of each plan and study trends.
The executive director administers the program within the framework of the Board's rules and regulations and the Wyoming Retirement Act. The board renders final administrative decisions on benefit issues that have been appealed by members.
Wyoming Retirement System is financed from three sources:
- Contributions from members
- Contributions from employers, and
- Income earned on invested funds
Administrative expenses for the Pensions are paid from WRS funds, while administrative expenses for Deferred Compensation comes from members.
Representing Higher Education
Garth Shanklin (Board Vice Chair)
Representing Public Schools
Wyoming State Treasurer