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Relating to the evaluation and reporting of investment practices and performance of certain public retirement systems.
Estimated Two-year Net Impact to General Revenue Related Funds for SB 322, Committee
Report 2nd House, Substituted: a negative impact of ($202,396) through the biennium ending
August 31, 2021.
The bill would make no appropriation but could provide the legal basis for an appropriation of
funds to implement the provisions of the bill. The Pension Review Board is required to implement
this Act only if the legislature appropriates money specifically for that purpose. If the legislature
does not appropriate money specifically for that purpose, the agency may, but is not required to,
implement a provision of this Act using other appropriations for that purpose.
SB 322 would amend the requirements for evaluation and reporting of investment practices of certain public retirement systems.
The bill would require a public retirement system, with certain exceptions, to select an independent firm with substantial experience in evaluating institutional investment practices and performance to evaluate the appropriateness, adequacy, and effectiveness of the retirement system's investment practices and performance. The firm would make recommendations for improving the system's investment policies, procedures, and practices, and requires each evaluation to include specific reviews. A public retirement systems would be required to post the latest data related to reports generated by this review on its website.
A report of an evaluation must be filed with the governing body of the public retirement system not later than May 1 of each year following the year in which the system is evaluated. Not later than the 31st day after the retirement system receives a report, it must be submitted to the board. The board would be required to submit a report to specified state policymakers.
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