House Bill 1671
2021-2022
Miller
1874
PSERS
SERS
Actuarial Reporting
Administrative Operations
Investments
The bill would require both the State Employees’ Retirement System (SERS) and the Public School Employees’ Retirement System (PSERS) to stream board meetings live for public access, and post unedited video and records of those meetings online and to retain them online for three years, and maintained internally for seven. Would allow for the gross and net investment returns of alternative investments and the costs or expenses paid to a manager of an alternative investment (itemized by gross management, carried interest or other expenses) to be public record under the Right-to-Know Law as long as certain confidentiality stipulations are met.
The bill would also require both systems to issue a report six months after the end of its fiscal year to the General Assembly and publish online an additional investment report. This would include: (1) the net of fees performance for all investments over the most recent 1-, 3-, 5-, 10-, 15- and 20-year periods; (2) the performance by asset class and manager over the previously listed time horizons, gross and net-of-fees, compared to benchmarks for all investments made commencing prospectively from the effective date, and all realized gross returns made retroactively for a five-year period from the effective date; (3) listing all fees and expenses paid to, or retained by, asset managers separated by base management, profit share, performance fees, carried interest, and incentive fees in a manner as provided by best industry standards; and (4) all travel and other expenses incurred by staff but paid for by an external manager, fund or consultant.
Sep 13, 2021 - HB 1671 PN 1874 Letter
Apr 26, 2022 - HB 1671 PN 1874 Amendment A04033 Letter
May 20, 2022 - HB 1671 PN 3055 Letter
PN 1874 | Referred to STATE GOVERNMENT, June 22, 2021 |
PN 3055 | Reported as amended, April 27, 2022 |
Removed from table, June 30, 2022 | |
Removed from table, Sept. 14, 2022 | |
Re-committed to APPROPRIATIONS, Sept. 19, 2022 | |
Re-reported as committed, Sept. 21, 2022 | |
Third consideration and final passage, Sept. 21, 2022 (195-7) | |
(Remarks see House Journal Page 1088-1089), Sept. 21, 2022 | |
In the Senate | |
Referred to STATE GOVERNMENT, Sept. 21, 2022 |