|Posted:||June 16, 2015 01:21 PM|
|From:||Representative John D McGinnis and Rep. Thomas R. Caltagirone|
|To:||All House members|
|Subject:||Legislation to improve the management standards of the State Pension Systems, SERS and PSERS|
|In the near future, we will be introducing legislation to improve the management standards of the state pension systems, SERS and PSERS.
Our legislation will address specific elements of standards of practice for the selection of board members and their training, including education, licensing requirements, and ethics. It will also establish standards for the selection of investment advisors and counselors by the boards of SERS and PSERS and will avail direction and compliance with the Financial Industry Regulatory Authority and the U.S. Security and Exchange Commission.
The legislation will also create a council to recommend an ongoing program of ethics and education training for all board members of SERS and PSERS.
Our aim is to assure transparency and adherence to the best practices of financial management by fiduciaries. This will aid in the efficient operation of SERS and PSERS, as well as help avoid potential conflicts of interests by board members and managers. The ultimate aim, of course, is a public pension system that serves the best interests of the Commonwealth.
Please join us in co-sponsoring this important piece of legislative oversight. Thank you.
Introduced as HB1400