Wyoming legislator Representative Mark Jennings (R-Sheridan) has introduced a bill to protect the retirement of thousands by allocating a small portion of the state's retirement funds in the monetary metals.
The Wyoming Sound Money Pension Act (HB 156) aims to reduce financial risk and better secure state-managed pension funds by allocating a modest 10% of the state’s retirement funds in the monetary metals. The bill reads:
(vi) Notwithstanding any other provision of this section, shall hold an annual average of at least ten percent (10%) of the balance of a retirement system in specie as defined in W.S. 9‑4‑1302(a)(ii). Specie held under this paragraph shall be held securely in a depository for precious metals located in this state with a UL‑rated class two vault door and construction. If no depositorymeeting the requirements of this paragraph exists in this state, the trustee shall select a qualifying depository in a contiguous state. The trustee shall ensure that the specie stored in the depository on behalf of the retirement system is segregated from any other deposits. This paragraph may be cited as the "Wyoming Sound Money Pension Act".
The Wyoming Sound Money Pension Act is one of three bills expected to be introduced this session that insulates the state's assets with physical gold and silver. Introduced by Representative Roy Edwards (R-Gillette), the Wyoming Sound Money Trust Act requires that the state hold 10% of its permanent mineral trust fund in gold and silver. The Wyoming Sound Money Reserve Act, introduced by Representative Scott Clem (R-Campbell) requires that 10% of Wyoming's Legislative Budget Stabilization Fund be held in the metals.
Visit here more information on Wyoming gold and silver laws and to see how Wyoming stacks up to the rest of the country on sound money issues.
Jp Cortez is the Executive Director for the Sound Money Defense League, a non-partisan, national public policy group working to restore sound money at the state and federal level, and lead author of the Sound Money Index.
