H0696B0722A01331 BIL:CMD 05/13/19 #90 A01331
AMENDMENTS TO HOUSE BILL NO. 696
Sponsor: REPRESENTATIVE McCARTER
Printer's No. 722
Amend Bill, page 1, line 2, by striking out the period after
"Commission" and inserting
; and providing for its duties.
Amend Bill, page 1, by inserting between lines 13 and 14
"Senior citizen." A resident of this Commonwealth who is 60
years of age or older.
Amend Bill, page 2, lines 1 through 7, by striking out all of
said lines
Amend Bill, page 2, line 8, by inserting before "The"
(b) Members.--
Amend Bill, page 2, line 13, by striking out "Department of
Revenue." and inserting
Treasury Department.
Amend Bill, page 2, lines 16 through 25, by striking out all
of said lines and inserting
(2) A member of the Senate appointed by each of the
following:
(i) The President pro tempore of the Senate.
(ii) The Minority Leader of the Senate.
(3) A member of the House of Representatives appointed
by each of the following:
(i) The Speaker of the House of Representatives.
(ii) The Minority Leader of the House of
Representatives.
(4) A representative of the following, appointed by the
Governor:
(i) AARP.
(ii) Temple University Institute on Protective
Services.
(c) Terms.--A member of the commission shall serve at the
2019/90BIL/HB0696A01331 - 1 -
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
pleasure of the member's appointing authority. If a member
ceases to represent the interests of the membership class for
which the member was appointed, the appointing authority shall
terminate the member's appointment to the commission.
(d) Vacancies.--A vacancy on the commission shall be filled
by the original appointing authority.
(e) Compensation.--Members of the commission shall serve
without compensation but members appointed by the Governor may
be reimbursed for necessary and reasonable travel and other
expenses incurred during the performance of their duties.
(f) Meetings.--The commission shall meet at least once every
other quarter during a calendar year to discuss retirement
investment issues and fraud facing senior citizens.
(g) Bylaws.--The commission shall establish bylaws that
address, at a minimum, designating a chairperson and scheduling
meetings.
Section 4. Commission duties.
The commission shall:
(1) Examine issues facing Commonwealth residents,
particularly senior citizens, relative to retirement and
other investments, including scams and fraud.
(2) Develop public policies, procedures and educational
tools to help senior citizens understand investment
terminology and the types of retirement investments available
to them.
(3) Develop tools to help senior citizens protect
themselves from scams and unscrupulous practitioners who may
prey on them and their retirement investments.
(4) Make information under paragraphs (1), (2) and (3)
available to the public.
Section 5. Reports.
The commission shall issue a report to the General Assembly
within one year of its initial formation and annually
thereafter. The report shall include, at a minimum, the
following:
(1) The results of the examination under section 4(1).
(2) Public policies, procedures and educational tools
developed under section 4 and how this information is
disseminated to the public.
(3) An evaluation, to be completed every three years, of
the continuing effectiveness of the commission, including any
recommendations for termination of the commission.
(4) Any suggested legislation concerning protection of
senior citizens' retirement investments.
2019/90BIL/HB0696A01331 - 2 -
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44