Bill > HB2010

This bill amends Title 20 (Decedents, Estates and Fiduciaries) of the Pennsylvania Consolidated Statutes to provide for training of public pension fund and State fund fiduciaries. The key provisions include: - Defining terms such as "Commonwealth agency," "designee," "public pension system," and "State fund." - Requiring trustees, board members, or other officials who stand in a fiduciary relationship to members and beneficiaries of a State fund or public pension system to complete training in fiduciary law, including 2 hours of initial training within 1 year of appointment and 1 hour of annual training thereafter. - Specifying the content of the training, which must cover the definition of a fiduciary, conflicts of interest, the prudent expert standard, and self-dealing. - Allowing the board or governing body to compensate a designee of a member, trustee, or official up to $5,000 annually. - Permitting the payment of legal fees incurred by fiduciaries in defending legal actions, except where the conduct constituted a criminal offense, willful misconduct, or self-dealing. - Establishing an effective date of December 31, 2021, or immediately, whichever is later.