HI HB1168

Expands the Board of Trustees from its current size to 14 members, with changes to composition and appointment procedures, including requiring unions and employers to submit candidate lists to the Governor.

Requires fiduciaries of the Trust Fund to comply with Employee Retirement Income and Security Act fiduciary duties and establishes liability for Board members who willfully violate these responsibilities.

Moves the Trust Fund's administrative placement from the Department of Budget and Finance to the Department of Human Resources Development.

Allows the Board to retain independent legal counsel outside the Attorney General's office and maintains current State Procurement Code requirements for contracting services.

Moves the retiree beneficiary representative on the Board from the employer group to the employee-beneficiary group for improved representation of retired workers' interests.