Bill > HB1496

This bill amends Title 20 of the Pennsylvania Consolidated Statutes to provide for training of public pension fund and state fund fiduciaries. Key provisions include: 1) Defining terms such as "Commonwealth agency," "designee," "public pension system," and "state fund"; 2) Requiring trustees, board members, and other appointed/elected officials who are fiduciaries of state funds or public pension funds to complete training in fiduciary law, including an initial 2-hour training and 1 hour of annual training; 3) Allowing training completed under this bill to count towards existing training requirements for the Public School Employees' Retirement Board and State Employees' Retirement Board; 4) Specifying the minimum content of the initial and annual training; and 5) Allowing payment of legal fees for fiduciaries defending legal actions, except in cases of criminal conduct, willful misconduct, or self-dealing.