HB 5302 Summary

• Amends the Public Employee Retirement System Investment Act to establish comprehensive fiduciary duties requiring investment fiduciaries to act with prudence, care, and skill in managing pension system assets solely for the benefit of participants and beneficiaries.

• Requires investment fiduciaries to prepare and maintain written investment objectives, policies, and strategies; monitor compliance with investment limitations; and prepare detailed annual summary reports including assets, liabilities, investment performance, and administrative expenditures.

• Mandates annual disclosure of all fees and compensation from investment service providers to pension systems, including commissions, soft dollar expenses, and third-party payments.

• Establishes spending limits for board member professional training and travel expenses at $150,000 annually per system or $12,000 per board member (whichever is less), with a $30,000 individual member cap; requires detailed travel reports for out-of-state trips.

• Requires systems to divest from hazardous waste deep disposal well facilities within 180 days upon bankruptcy of the operator, change of control, EPA violations, license revocation, or orders to cease operations; prohibits additional investments in such facilities except for property disposition.