Pennsylvania 2023-2024 Regular Session

Pennsylvania House Bill HB1460

Introduced
6/21/23  

Caption

Providing for training of public pension fund and State fund fiduciaries.

Impact

If enacted, HB 1460 would significantly impact the administration of public pension systems in Pennsylvania by standardizing the training process for fiduciaries. The law mandates that individuals in fiduciary roles complete initial training within a year of their appointment, followed by annual continuing education. This structured approach aims to reduce the risks associated with fiduciary breaches and improve the governance of pension funds, ultimately protecting the interests of beneficiaries and the integrity of the funds.

Summary

House Bill 1460 aims to enhance the accountability and knowledge of individuals serving as fiduciaries for public pension funds and state funds in Pennsylvania. By mandating specific training requirements, the bill seeks to ensure that trustees, board members, and other appointed or elected officials are well-versed in fiduciary law and best practices. The proposed law outlines initial and ongoing training obligations, thereby fostering a better understanding of the vital responsibilities these individuals hold over state funds and pension systems.

Sentiment

The sentiment around HB 1460 appears to be generally positive, with supporters emphasizing the importance of educated fiduciaries in safeguarding public funds. Advocates argue that the training requirement will lead to more responsible management of public pension assets, thus benefitting taxpayers and employees relying on these funds for retirement. However, some may express concerns about the administrative burden such training could place on fiduciaries already managing extensive duties, highlighting the need for balanced implementation.

Contention

Notable points of contention could revolve around the logistics of implementing these training requirements and the potential associated costs. Some stakeholders might challenge whether the prescribed training is adequate or if additional resources, such as funding or support for the fiduciaries, are necessary to effectively meet these new standards. Furthermore, the exclusions for individuals already in positions prior to the new requirements may spark discussions regarding fairness and the need for all fiduciaries, regardless of tenure, to undergo the same level of training.

Companion Bills

No companion bills found.

Previously Filed As

PA HB1496

Providing for training of public pension fund and State fund fiduciaries.

PA HB1322

Providing for training of certain State fiduciaries.

PA HB587

AN ACT relating to internal audit functions at public pension funds.

PA HB2066

Providing for financial institutions and fiduciaries.

PA SB783

Public employee pension funds: divestment proposals: review.

PA SB1154

Providing for institutions of higher education and for Performance-based Funding Council.

PA HB4756

Relating to authorizing municipalities to create pension funding programs to reduce the unfunded liability of certain pension and relief funds

PA HB1574

Providing for State-related university performance-based funding incentive.

PA AB1262

Professional fiduciaries.

PA HB49

AN ACT relating to the Kentucky Public Pensions Authority.

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