In 2018, the Wyoming Retirement System (WRS) Board engaged Funston Advisory Services (FAS) to conduct a Governance and Operational Review.  Such a review can provide reasonable assurance the fund is being governed and managed efficiently and effectively and identify operating improvements.  It has been 10 years since the State Auditor's Office hired Independent Fiduciary Services to conduct a "limited scope operational review" at the request of the legislature.  Conducting the audit now documented all WRS has accomplished since the first audit, as well as providing a road map for future strategic planning and fund leadership.  Positive assessments include good Board Governance and the implementation of performance compensation being a highly recommended practice.  By comparing WRS' governance and policy framework, investment operations, and compliance and controls, and comparing them to peers and leading and prevailing industry practices FAS was able to challenge conventional wisdom and provide a more objective perspective on fund governance and operations.  The complete report, along with all a list of all 88 recommendations can be found on our website:

Appendix WRS Final Report 4-30-2019

Appendix 2018 WRS Bench Marking Profile Final

2018 Funston Report Attachments