Added by Stats. 2014, Ch. 140, Sec. 1. (AB 1163) Effective January 1, 2015.
The board shall adopt a policy for providing education to board members. The policy, at a minimum, shall do the following:
(a)Identify appropriate topics for board member education, which may include, but are not limited to, the following:
(1)Fiduciary responsibilities.
(2)Ethics.
(3)Pension fund investments and investment program management.
(4)Actuarial matters.
(5)Pension funding.
(6)Benefits administration.
(7)Disability evaluation.
(8)Fair hearings.
(9)Pension fund governance.
(10)New board member orientation.
(b)Establish a means for determining the programs, training, and educational sessions that qualify as board member education.
(c)Require that all board members receive a minimum of 24 hours of board member education within the first two years of assuming office and for every subsequent two-year period the board member continues to hold membership on the board.
(d)Require the board to maintain a record of board member compliance with the policy. The policy and an annual report on board member compliance shall be placed on the system’s Internet Web site.
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