PA HB1375

Public School Employees' Retirement Board (PSERS) and State Employees' Retirement Board (SERS) must livestream all public board and committee meetings and post unedited video and written records on their websites, with videos retained online for at least 3 years and maintained for at least 7 years.

Investment records held by the boards become subject to Pennsylvania's Right-to-Know Law unless the board determines disclosure would release confidential information, cause competitive harm, or detrimentally impact investment values.

Alternative investment vehicle information must be publicly disclosed, including manager identity, commitment amounts, cash contributions and distributions, gross and net internal rates of return, and management fees itemized by gross management, carried interest, and other expenses.

Boards must publish annual reports within 6 months of fiscal year-end showing net-of-fees investment performance over 1-, 3-, 5-, 10-, 15-, and 20-year periods, performance by asset class and manager compared to benchmarks, and itemized fees using Institutional Limited Partners Association Fee Transparency Initiative standards.

The act takes effect in 60 days, with meeting livestream requirements applying 30 days after the effective date and new fee disclosure requirements applying to contracts entered after the effective date.