9-3-443. Liability of trustee or other fiduciary.
(a) Except as provided in subsection (e) of this section, a trustee or other fiduciary who breaches a duty imposed by this act is personally liable to a retirement system for any losses resulting from the breach and any profits made by the trustee or other fiduciary through use of assets of the system by the trustee or other fiduciary. The trustee or other fiduciary is subject to other equitable remedies as the court considers appropriate, including removal.
(b) An agreement that purports to limit the liability of a trustee or other fiduciary for a breach of duty under this act is void.
(c) A retirement system may insure itself against liability or losses occurring because of a breach of duty under this act by a trustee or other fiduciary.
(d) A trustee or other fiduciary may insure against liability or losses occurring because of a breach of duty under this act if the insurance is purchased or provided either by the trustee or fiduciary personally or, on the trustee or fiduciary's behalf, by this state, the retirement system, a public employer whose employees participate in a retirement program served by the trustee or fiduciary, an employee representative whose members participate in a retirement program served by the trustee or fiduciary or the trustee or fiduciary's employer.
(e) Notwithstanding subsection (a) of this section and as provided in the Wyoming Governmental Claims Act, individual board members of a retirement system are immune from liability while acting within the scope of administering and operating a retirement system and are not personally liable for breaches of fiduciary duties in carrying out system administration and operation except in cases of willful misconduct, intentional torts or illegal acts.
Structure Wyoming Statutes
Title 9 - Administration of the Government
Chapter 3 - Compensation and Benefits
Section 9-3-401 - Short Title.
Section 9-3-402 - Definitions.
Section 9-3-403 - Wyoming Retirement System; Establishment; Purpose; Powers as Body Corporate.
Section 9-3-405 - Retirement Board Duties and Powers.
Section 9-3-411 - Retirement Board; Right to Hearing Before Board; Judicial Review.
Section 9-3-415 - When Retirement Permitted; Service Credit.
Section 9-3-418 - Amount of Service Retirement Benefit; Firefighter Members Excluded.
Section 9-3-419 - Retirement Benefit Adjustments.
Section 9-3-420 - Option as to Form of Benefit; Beneficiary Designations.
Section 9-3-427 - Other Retirement Plans Prohibited.
Section 9-3-428 - Construction of Article; Limitation of Liability of State; Termination of System.
Section 9-3-429 - False Statements and Records Prohibited; Right to Modify Article.
Section 9-3-433 - Short Title.
Section 9-3-434 - Definitions.
Section 9-3-436 - Establishment of Trust.
Section 9-3-437 - Powers of Trustee.
Section 9-3-438 - Delegation of Functions.
Section 9-3-439 - General Duties of Trustee and Fiduciary.
Section 9-3-440 - Duties of Trustee in Investing and Managing Assets of Retirement System.
Section 9-3-441 - Special Application of Duties.
Section 9-3-442 - Reviewing Compliance.
Section 9-3-443 - Liability of Trustee or Other Fiduciary.
Section 9-3-444 - Open Meetings and Records.
Section 9-3-445 - Disclosure to Public.
Section 9-3-446 - Disclosure to Participants and Beneficiaries.
Section 9-3-447 - Reports to Agency.
Section 9-3-448 - Summary Plan Description.
Section 9-3-449 - Annual Disclosure of Financial and Actuarial Status.
Section 9-3-450 - Annual Report.
Section 9-3-451 - Enforcement.
Section 9-3-452 - Alienation of Benefits.
Section 9-3-454 - Required Determinations for Recommended Benefit Increases.