Bill > HB1322

This bill amends Pennsylvania law to establish mandatory training requirements for State fiduciaries, which are trustees, board members, or officials who manage State funds or public pension systems. The bill requires new State fiduciaries to complete two hours of initial training in fiduciary law within one year of appointment and then complete one hour of annual training thereafter. The training must cover key concepts such as the definition of a fiduciary, conflicts of interest, the duty of prudence, and self-dealing. The bill also allows State fiduciaries to have legal expenses paid by their agency or pension system when defending legal actions related to their official duties, with exceptions for criminal offenses, willful misconduct, or self-dealing. Additionally, the bill provides flexibility for individuals serving on multiple boards, allowing training credits to cross-apply between different State funds and pension systems. The training requirements are designed to ensure that State fiduciaries understand their legal and ethical responsibilities when managing public funds and resources, with the goal of promoting accountability and professional standards in public service.

Government Affairs

https://www.legis.state.pa.us/cfdocs/billinfo/bill_history.cfm?syear=2025&sind=0&body=H&type=B&bn=1322