Bill > HB1375

This bill modifies administrative requirements for the Public School Employees' Retirement Board and the State Employees' Retirement Board, focusing on increased transparency and public access to information. The bill mandates that both boards livestream all public meetings and post unedited video and written records of proceedings on their websites for at least three years, with permanent retention according to records management schedules. It establishes new rules regarding the public accessibility of investment-related records under the Right-to-Know Law, allowing certain sensitive financial information to remain confidential if its disclosure could harm competitive interests or investment values. The bill also requires detailed additional reporting, including performance metrics for investments over various time periods, itemized listings of fees and expenses paid to investment managers, and disclosure of any travel or expenses incurred by staff and paid for by external investment managers, funds, or consultants. These new reporting requirements must be published on the boards' websites and electronically submitted to all General Assembly members within six months of the system's fiscal year-end. The bill defines key terms like "carried interest" and references the Institutional Limited Partners Association Fee Transparency Initiative as a benchmark for reporting standards. The changes will be implemented gradually, with different effective dates for meeting recordings, reporting requirements, and contract provisions.

Government Affairs

https://www.legis.state.pa.us/cfdocs/billinfo/bill_history.cfm?syear=2025&sind=0&body=H&type=B&bn=1375