DE HB199

Establishes a fiduciary standard of care requiring the Board of Pension Trustees to discharge duties solely in the interest of plan participants and beneficiaries with the care and diligence a prudent person would exercise.

Requires the Board to enter into memoranda of understanding with the Office of Management and Budget, Department of Technology and Information, and Department of Justice for administration and investment services.

Adds new powers including establishing committees (which may include non-Board members), approving annual budgets for all listed pension plans, and arranging annual financial audits to be provided to the General Assembly.

Extends indemnification protections to committee members (not just Board members) for legal expenses, judgments, and settlements incurred in good faith while conducting official duties.

Mandates the Board meet no less than 10 times annually and authorizes the use of teleconferencing and videoconferencing for Board and committee meetings, including for obtaining quorum and voting.