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Appendix E
Wyoming Retirement System 457(b) Deferred Compensation Plan Complexity Details:
Table 1 below provides details on the plan participant accounts for the WRS 457(b) Deferred Compensation Plan:
As of
12/31/2025
| WRS Plan Data |
| State Gov’t Employers (01) |
| Non-State Employers (02) |
| Total |
| Actively employed participants with a balance |
| 8,285 |
| 10,088 |
| 18,373 |
| Terminated/vested participant accounts with a balance |
| 7,661 |
| 5,068 |
| 12,729 |
| Total Participant Accounts with a balance |
| 15,946 |
| 15,156 |
| 31,102 |
| Number of Participants in both Plans |
| N/A |
| N/A |
| 207 |
| Total Contributions ($) |
| $26,517,637 |
| $35,354,060 |
| $61,871,697 |
| Average Annual Contribution per Active |
| $3,200.68 |
| $3,504.57 |
| N/A |
| Average Participant Balance |
| $38,954 |
| $42,540 |
| N/A |
| Median Participant Balance |
| $8,060 |
| $12,792 |
| N/A |
| Number of Agencies |
| 1 |
| 261 |
| 262 |
| Number of Weekly Payroll Feeds |
| 1 |
| 357 |
| 358 |
| Number of Payroll Centers |
| 1 |
| 261 |
| 262 |
Table 2 provides details on associated transaction volumes:
WRS Plan Data 1 Year Totals as of
12/31/2025
| State Gov’t Employers (01) |
| Non-State Employers (02) |
| Total |
| New Enrollments Processed |
| 1079 |
| 1078 |
| 2157 |
| Hardship withdrawals (number) |
| 31 |
| 21 |
| 52 |
| Hardship withdrawals ($) |
| $125K |
| $98.4K |
| $223.4K |
| Hardship withdrawals (avg $) |
| $4,032 |
| $4,686 |
| $4,296 |
| Rollover Distribution (number) |
| 334 |
| 350 |
| 684 |
| Rollover Distribution $ |
| $17,907,030 |
| $20,153,422 |
| $38,060,452 |
| Rollover Distribution (avg $) |
| $53,613.86 |
| $57,581.21 |
| $111,195.07 |
| Lump Sum Distributions (count) |
| 608 |
| 427 |
| 1035 |
| Lump Sum Distributions ($) |
| $5,814,829 |
$6,032,281
$11,847,110
| Lump Sum Distributions (avg $) |
| $9,563.86 |
$14,127.12
$23,690.98
| New Installments Set Up in 2024 |
| 89 |
| 71 |
| 160 |
| Installment Participants (inc. existing and new ppt) |
| 490 |
| 295 |
| 785 |
| Installment Distributions (number) |
| 2161 |
| 1639 |
| 3800 |
| Installment Distributions ($) |
| $2,510,783 |
$1,889,641
$4,400,424
| Installment Distributions (avg $) |
| $1,161.86 |
$1,152.92
$2,314.78
| In Service Non-Hardship Withdrawals (count) |
| 6 |
| 12 |
| 18 |
| In Service Non-Hardship Withdrawals ($) |
| $42.7K |
| $113.9K |
| $156.6 |
| In Service Non-Hardship Withdrawals (avg $) |
| $7K |
| $9,492 |
| $16,492 |
| Required Minimum Distributions (number) |
| 1,580 |
| 1,201 |
| 2,781 |
| Required Minimum Distributions ($) |
| $3.5M |
| $2.2M |
| $5.7M |
| Required Minimum Distributions (avg $) |
| $2,215 |
| $1,832 |
| $4,047 |
| Other Distributions (number)* |
| 17 |
| 19 |
| 36 |
| Other Distributions ($)* |
| $267K |
| $468.6K |
| $735.6K |
| Other Distributions (avg $)* |
| $15,706 |
| $24,663 |
| $40,369 |
*Other distributions include contract exchanges, disability, Roth conversions, and transaction reversals.
Table 3 below provides details on the web system usage (as of 12/31/2025).
Web System Usage (12 Months Ending 12/31/2025)
| State Gov’t Employers (01) |
| Non-State Employers (02) |
| Web usage (distinct users) |
| 15,389 |
| 10,245 |
| Web usage (distinct user monthly average) |
| 1,282 |
| 854 |
| Web usage (total logins) |
| 81,907 |
| 60,713 |
| Web usage (total logins monthly average) |
| 6,826 |
| 5,059 |
| Participants with e-delivery of Statements (%) |
| 72.84% |
| 81.00% |
| App logins (distinct users) |
| 2858 |
| 3796 |
| App logins (distinct users monthly average) |
| 794 |
| 1069 |
| App logins (total logins) |
| 37938 |
| 52983 |
| App logins (total logins monthly average) |
| 3168 |
| 4422 |
Table 4 below provides details on call center usage statistics (as of 12/31/2025).
Call Center Statistics (12 Months Ending 12/31/2025) WRS (State and Non-State)
| Number of Calls |
| Avg Call Length (min:sec) |
Table 5 below provides details on the current (as of 04/30/2026) investment menu, balances, and number of participants within each fund option. An open architecture support for investment menu design, inclusive of a target date investment option suite, should be provided as the base case.
| WRS White Label Funds & Sub-Component Managers |
| Fund Structures (%) |
| Estimated Market Values ($) |
WRS US Large Cap Equity Fund**
$296,294,315
| BlackRock Equity Index Fund M Lending (CF)* (CUSIP: 09257F784) |
| 100% |
| $296,294,315 |
WRS US Small/Mid Cap Equity Fund
$110,050,428
| State Street Russell Sm/Mid Cap Idx Cl II L (CF) (CUSIP: 857480552) |
| 25% |
| $27,512,607 |
| Nuveen Quant Small/Mid Cap Equity Federal Cl (CUSIP: 67077A369) |
| 75% |
| $82,537,821 |
WRS International Equity Fund
$45,561,796
| Dodge & Cox Intl Stock X (DOXFX) |
| 32.5% |
| $14,807,584 |
| State Street Global All Cap Eq Ex US II IL (CF) (CUSIP: 85744A687) |
| 35% |
| $15,946,629 |
| GQG Partners International Equity D (CIT) (CUSIP: 97184L214) |
| 32.5% |
| $14,807,584 |
WRS Fixed Income Fund
$24,764,014
| Dodge & Cox Income S (DOXIX) |
| 33.4% |
| $8,271,181 |
| DoubleLine:Cr Fxd In;I(DBLFX) |
| 33.3% |
| $8,246,417 |
| JPMorgan:Core Bond;R6 (JCBUX) |
| 33.3% |
| $8,246,417 |
WRS Capital Preservation Fund
$133,550,647
| Wyoming Capital Reserve Fund* |
| 100% |
| $133,550,647 |
WRS Real Assets Fund
$7,420,837
| T Rowe Price New Era I (TRNEX) |
| 23% |
| $1,706,792 |
| Vanguard Inflation-Protected Secs Adm (VAIPX) |
| 27% |
| $2,003,626 |
| T Rowe Price Instl Floating Rate (RPIFX) |
| 15% |
| $1,113,126 |
| DFA Global Real Estate Securities Port (DFGEX) |
| 10% |
| $742,084 |
| Nuveen Global Infrastructure R6 (FGIWX) |
| 25% |
| $1,855,209 |
Target Retirement Date Funds
$693,044,608
| BlackRock:LP Id Ret;O Lending (CF) |
| 26% |
| $180,056,168 |
| BlackRock:LP Id2030;O Lending (CF) |
| 14% |
| $96,560,910 |
| BlackRock:LP Id2035;O Lending (CF) |
| 15% |
| $102,437,154 |
| BlackRock:LP Id2040;O Lending (CF) |
| 12% |
| $79,753,594 |
| BlackRock:LP Id2045;O Lending (CF) |
| 12% |
| $86,407,156 |
| BlackRock:LP Id2050;O Lending (CF) |
| 10% |
| $68,056,294 |
| BlackRock:LP Id2055;O Lending (CF) |
| 6% |
| $41,026,182 |
| BlackRock:LP Id2060;O Lending (CF) |
| 4% |
| $24,446,142 |
| BlackRock:LP Id2065;O Lending (CF) |
| 2% |
| $14,301,007 |
| Schwab Self-Directed Brokerage Account |
| N/A |
| $14,907,814 |
PLAN TOTAL
$1,325,594,459
*Single manager white label funds.
** BlackRock Equity Index Fund M Lending (CF) is set to be replaced by State Street S&P 500 Index SF Class II (CF) in the WRS Large Cap Equity Fund.
Additional Details Regarding the Plan:
· Plan Year: The Plan year is from January 1 to December 31 (calendar year).
· Enrollments:
· The number of active participants has increased by 30.6% in the last nine years – 14,063 in 2016 vs 18,373 in 2025.
· The number of total accounts has increased by 55.9% in the last nine years – 19,949 in 2016 vs 31,102 in 2025.
· Loans: The plan does not allow loans.
· Unforeseeable Emergencies: The Plan Sponsor makes Unforeseeable Emergency/Hardship (UFE) determinations.
The General Provisions that WRS expects to be included in a resulting contract with the selected Recordkeeper has been provided as a separate document (see Appendix A – General Provisions).
The current Plan Document can be found at: https://retirement.wyo.gov/wp-content/uploads/457-Plan-Document-7-1-2017.pdf. The Plan Document is currently being updated to incorporate Secure 2.0 provisions, but is not expected to materially deviate from the existing document.
More information on the WRS and the WRS 457(b) Plan can be found at: https://retirement.wyo.gov/ and in the attached documents.