PA HB1322

Requires state fiduciaries (trustees, board members, and officials of state funds and public pension systems) to complete 2 hours of fiduciary law training within one year of appointment, followed by 1 hour annually thereafter

Applies to fiduciaries of the Public School Employees' Retirement System, State Employees' Retirement System, Pennsylvania Municipal Retirement System, municipal/county pension plans, and State Treasury funds

Initial training must cover the definition of fiduciary, conflicts of interest, duty of prudence, and self-dealing; annual training must include updates and case studies on these topics

State fiduciaries are entitled to have legal defense expenses paid by their agency or pension system, except when a court finds criminal conduct, willful misconduct, or self-dealing

Takes effect December 31, 2025, or immediately upon enactment, whichever is later