(3) Create an annual Global Investment Professional
Standards Asset Owner Report.
(4) Engage a firm to conduct an independent performance
verification and examination.
(b) Updates.--The board may, at a public meeting held under
65 Pa.C.S. Ch. 7 (relating to open meetings), adopt any updates
to the Global Investment Professional Standards, promulgated by
the CFA Institute, which are necessary to ensure the system's
and plan's compliance with the standards.
(c) Definitions.--As used in this section, the following
words and phrases shall have the meanings given to them in this
subsection unless the context clearly indicates otherwise:
"Global Investment Professional Standards." The Global
Investment Professional Standards for Asset Owners promulgated
by the Investment Council of the CFA Institute.
Section 2. Title 71 is amended by adding a section to read:
§ 5959. Global Investment Professional Standards.
(a) Compliance.--The system and the plan shall comply with
the requirements of the 2020 edition of the Global Investment
Professional Standards beginning with fiscal year 2022-2023, and
annually thereafter, and the board shall adopt policies,
procedures and systems to:
(1) Ensure compliance with all requirements of the 2020
edition of the Global Investment Professional Standards.
(2) Document compliance with all requirements of the
2020 edition of the Global Investment Professional Standards.
(3) Create an annual Global Investment Professional
Standards Asset Owner Report.
(4) Engage a firm to conduct an independent performance
verification and examination.
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