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AB-1163 Public Employees’ Retirement System: Board of Administration: education.(2013-2014)

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Assembly Bill No. 1163
CHAPTER 140

An act to add Section 20100 to the Government Code, relating to public employees’ retirement.

[ Approved by Governor  July 18, 2014. Filed with Secretary of State  July 18, 2014. ]

LEGISLATIVE COUNSEL'S DIGEST


AB 1163, 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 system, 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   Local Program: NO  

The people of the State of California do enact as follows:


SECTION 1.

 Section 20100 is added to the Government Code, to read:

20100.
 The board shall adopt a policy for providing education to board members. The policy, at a minimum, shall do the following:
(a) Identify appropriate topics for board member education, which may include, but are not limited to, the following:
(1) Fiduciary responsibilities.
(2) Ethics.
(3) Pension fund investments and investment program management.
(4) Actuarial matters.
(5) Pension funding.
(6) Benefits administration.
(7) Disability evaluation.
(8) Fair hearings.
(9) Pension fund governance.
(10) New board member orientation.
(b) Establish a means for determining the programs, training, and educational sessions that qualify as board member education.
(c) Require that all board members receive a minimum of 24 hours of board member education within the first two years of assuming office and for every subsequent two-year period the board member continues to hold membership on the board.
(d) Require the board to maintain a record of board member compliance with the policy. The policy and an annual report on board member compliance shall be placed on the system’s Internet Web site.