A board of retirement and a board of investments subject to this article shall adopt a policy for providing education to board members. The policy, at a minimum, shall do the following:
(a) Identify appropriate topics for board member education, which may include, but is not limited to, the following:
(1) Fiduciary responsibilities.
(2) Ethics.
(3) Pension fund investments and investment program management.
(4) Actuarial matters.
(5) Pension funding.
(6) Benefits administration.
(7) Disability evaluation.
(8) Fair hearings.
(9) Pension fund governance.
(10) New board member orientation.
(b) Establish a means for determining the programs, training, and educational sessions that qualify as board member education. Educational seminars sponsored by the state or national public pension fund organizations and seminars sponsored by accredited academic institutions shall be deemed to meet board member education requirements.
(c) Require that all board members receive a minimum of 24 hours of board member education within the first two years of assuming office and for every subsequent two-year period the board member continues to hold membership on the board.
(d) Require each board to maintain a record of board member compliance with the policy. The policy and an annual report on board member compliance shall be placed on the Internet Web site of the retirement system.
(Added by Stats. 2012, Ch. 15, Sec. 1. (AB 1519) Effective January 1, 2013.)
Last modified: October 25, 2018