AB 1163, as amended, Levine. Public Employees’ Retirement System: Board of Administration: education.
Existing law creates the Board of Administration of the Public Employees’ Retirement System (PERS) for the purpose of governing the systembegin insert,end insert and prescribes the composition of the board and its powers and duties.
This bill would require the Board of administration of PERS to adopt an education policy, as specified, for its members, and would require all board members to receive a minimum of 24 hours of board member education within the first 2 years of assuming office and for every subsequent 2-year period in which the person serves on the board. The bill would require the board to maintain a record of a board member’s compliance with the policy and to post the policy and an annual report on board member compliance on the retirement system’s Internet Web site.
Vote: majority. Appropriation: no. Fiscal committee: yes. State-mandated local program: no.
The people of the State of California do enact as follows:
Section 20100 is added to the Government Code,
2to read:
The board shall adopt a policy for providing education
4to board members. The policy, at a minimum, shall do the
5following:
6(a) Identify appropriate topics for board member education,
7which may include, but are not limited to, the following:
8(1) Fiduciary responsibilities.
9(2) Ethics.
10(3) Pension fund investments and investment program
11management.
12(4) Actuarial matters.
13(5) Pension funding.
14(6) Benefits administration.
15(7) Disability evaluation.
16(8) Fair hearings.
17(9) Pension fund governance.
18(10) New board member orientation.
19(b) Establish a means for determining the programs, training,
20and educational sessions that qualify as board member education.
21begin deleteEducational seminars sponsored by the state or national public
22pension fund organizations and seminars sponsored by accredited
23academic institutions shall be deemed to meet board member
24education requirements.end delete
25(c) Require that all board members receive a minimum of 24
26hours of board member education within the first two years of
27assuming office and for every subsequent two-year period the
28board member continues to hold membership on the board.
29(d) Require the board to maintain a record of board member
30compliance with the policy. The policy and an annual report on
31board member compliance shall be placed on the system’s Internet
32Web site.
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