PRIOR PRINTER'S NO. 722
PRINTER'S NO. 1850
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No.
696
Session of
2019
INTRODUCED BY McCARTER, LONGIETTI, SCHLOSSBERG, MURT, SAMUELSON,
MILLARD, BOBACK, NEILSON, HILL-EVANS, DEASY, WARREN, DeLUCA,
PASHINSKI AND SIMS, MARCH 5, 2019
AS REPORTED FROM COMMITTEE ON AGING AND OLDER ADULT SERVICES,
HOUSE OF REPRESENTATIVES, AS AMENDED, MAY 15, 2019
AN ACT
Establishing the Senior Citizen Retirement Investment Protection
Commission.; AND PROVIDING FOR ITS DUTIES.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Short title.
This act shall be known and may be cited as the Senior
Citizen Retirement Investment Protection Act.
Section 2. Definitions.
The following words and phrases when used in this act shall
have the meanings given to them in this section unless the
context clearly indicates otherwise:
"Commission." The Senior Citizen Retirement Investment
Protection Commission established under section 3.
"SENIOR CITIZEN." A RESIDENT OF THIS COMMONWEALTH WHO IS 60
YEARS OF AGE OR OLDER.
Section 3. Senior Citizen Retirement Investment Protection
Commission.
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(a) Establishment.--The Senior Citizen Retirement Investment
Protection Commission is established.
(b) Duties.--The commission shall meet twice annually to
develop public policies, procedures and educational tools to
help senior citizens in this Commonwealth manage their personal
retirement investments as well as protect them from unscrupulous
practitioners who may prey on senior citizens and their
retirement investments.
Section 4. Members of commission.
(B) MEMBERS.--The commission shall be comprised of all of
the following members:
(1) The secretaries, or their designated
representatives, of the following:
(i) Department of Aging.
(ii) Department of Revenue. TREASURY DEPARTMENT.
(iii) Department of Banking and Securities.
(iv) Attorney General.
(2) A representative of the following:
(i) The President of the Senate.
(ii) The Speaker of the House of Representatives.
(iii) The Majority Leader from each caucus.
(iv) The Minority Leader from each caucus.
Section 5. Reporting.
The commission shall issue a report to the General Assembly
within six months of the formation of the commission. This
report shall include potential actions that can be taken to
carry out the duties of the commission under section 3(b).
(2) A MEMBER OF THE SENATE APPOINTED BY EACH OF THE
FOLLOWING:
(I) THE PRESIDENT PRO TEMPORE OF THE SENATE.
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(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
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:
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(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.
Section 6. Effective date.
This act shall take effect in 60 days.
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