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Committee advances bill requiring fiduciary training for state fund trustees
Summary
House Bill 1322 would require trustees and board members who oversee state funds or public pension system funds to complete training in fiduciary law; sponsors said the Independent Fiscal Office found no cost.
The House State Government Committee voted to report House Bill 1322, which would require trustees, board members and appointed or elected officials who stand in a fiduciary relationship to state funds or public pension system funds to complete training in fiduciary law.
Representative Mullins, the bill’s sponsor, told the committee that fiduciaries “have very serious jobs” and that formal training would reduce unintentional errors affecting the financial well‑being of Pennsylvanians. He thanked co‑sponsor Representative Wendy Fink and said the Independent Fiscal Office had determined the bill carries no cost.
Chair Hill Evans offered an amendment (A01112) that allows training credits to cross‑apply to all state funds or public pension funds overseen by a fiduciary and makes technical changes; the committee agreed to the amendment. Members expressed broad bipartisan support and noted a similar measure had previously passed the House unanimously in 2022.
The committee voted to report the bill as amended for further consideration.
