In a recent government meeting, discussions centered on the critical importance of staff retention within the Wyoming Retirement System (WRS) and its impact on investment performance. A seasoned consultant emphasized that consistent staffing leads to better outcomes, citing a troubling trend of high turnover in a specific pension plan that has recently lost several key executives. He expressed concern that such instability could jeopardize the plan's strong investment track record.

The conversation highlighted the historical context of WRS, noting that past turnover issues had led to significant financial challenges, prompting legislative bailouts. However, the current leadership and investment strategies have reportedly transformed the fund's performance from the bottom quartile to the top decile among peers since the implementation of a performance compensation program in 2019. This program has been credited with adding approximately $629 million in value over benchmark performance.

The meeting also addressed the technical aspects of performance calculations, with a consensus emerging to shift from arithmetic to geometric returns for consistency in reporting. The Executive Director of WRS reiterated the program's success in retaining quality staff, which has been pivotal in achieving high returns on investments.

Additionally, there was a discussion about potentially extending performance compensation to non-investment professionals, although the board has historically focused on investment decision-makers. The recent legislative support for back-office roles may allow for future considerations in this area.

The meeting concluded with a brief acknowledgment of local achievements, including the graduation of new firefighters in Wyoming, showcasing a community-oriented spirit amidst the financial discussions.