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Committee advances pension, consumer and business bills; proxy adviser, pension and consumer-protection measures move forward
Summary
The committee advanced several bills affecting pensions, payment surcharges and consumer protections, including proxy-adviser transparency measures, a police-pension mental-health definition, and an elder financial-exploitation protection measure; most bills were approved unanimously or by large margins.
The House Banking, Financial Services and Pensions Committee on Monday moved a package of bills to further consideration, approving measures on pension governance, payment surcharges, retirement-plan adjustments and consumer protections.
Key actions
- HB 44 28 (proxy-adviser fiduciary standard): Sponsor said proxy advisers used by public pension funds should commit in writing to fiduciary standards. Committee vote recorded as 8–1 in favor; the bill will be referred for further consideration.
- HB 44 29 (proxy-adviser transparency): Sponsor described the companion measure as enhancing transparency; the bill was recorded as advanced by a 9–0 vote.
- HB 32 65 (police pension: mental health specialist): Ginger Sigler, director of the police pension board, told the committee that statutes now require psychiatrists or medical doctors and that her board has begun using psychologists to evaluate PTSD disabilities, citing an $1,800 review cost when files are re-routed for medical sign-off. The committee passed the bill 7–0 and referred it to oversight.
- HB 37 21 (deferred retirement/retention for public safety officers): Sponsor said the bill clarifies existing deferred-retirement options for surviving spouses without adding benefits. The committee passed the bill and referred it for oversight; vote recorded as 8–0.
- HB 30 28 (PCS to allow technology center districts and public schools to pass service fees for card transactions): A committee substitute was adopted as a working draft and the bill advanced on a recorded 7–0 vote.
- HB 33 13 (defined-contribution retirement package): The bill would raise employee and employer contributions, eliminate vesting delays for the DC plan and add lifetime-income payout options; the committee passed the bill by recorded vote 8–0 and will refer it for oversight.
- HB 35 88 (assignment for the benefit of creditors): A Uniform Law Commission request to codify assignment-for-the-benefit-of-creditors procedures was advanced (voice vote recorded as 8 ayes recorded in transcript) and sent to oversight.
- HB 3,020 (Protections for Financial Exploitation of Protected Adults Act): Chairman Lopek described timelines and immunities for financial institutions that report suspected exploitation. Members asked about training and safeguards against excessive holds; the committee recorded the vote in favor and advanced the bill (transcript records 'aye, 0 nay').
Several bills were adopted as working drafts (PCS) and referred to oversight for additional drafting and actuarial review where noted. Committee members requested follow-up actuarial analysis on a number of pension referrals and sponsors said they will return with clarified language or data as requested.
Next steps: Most bills were advanced out of committee to oversight or further consideration; sponsors and staff will supply additional actuarial work and refined language before the measures return.
