Bill > HB1460

This bill amends Title 20 of the Pennsylvania Consolidated Statutes to provide for the training of public pension fund and state fund fiduciaries. It requires trustees, board members, or other appointed/elected officials who have a fiduciary duty to the members and beneficiaries of a state fund or public pension system to complete training in fiduciary law. New appointees must complete two hours of initial training within one year, and then one hour of annual training thereafter. Existing officials are exempt from the initial training but must complete the annual training. The training covers topics like the definition of a fiduciary, conflicts of interest, the prudent expert standard, and self-dealing. The bill also allows for the payment of legal fees incurred by these fiduciaries in defending against legal actions related to their duties, with some exceptions for criminal conduct or self-dealing.