Law requires investment training for pension board

Governor Jerry Brown
Governor Jerry Brown
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Updated: 7/18/2014 4:52 pm

SACRAMENTO, Calif. (AP) — Gov. Jerry Brown has signed a bill requiring board members of California's public pension fund to receive investment-related training every two years, even though the fund already requires such education.

Brown announced Friday that he had signed AB1163 by Democratic Assemblyman Marc Levine of San Rafael.

The bill originally was introduced as a way to meet Brown's request to "bring financial sophistication" to the California Public Employees' Retirement System board, which is dominated by public employees and labor union representatives.

Its original language required adding board members who had financial expertise and did not have a financial interest in the pension system. That was watered down to give board members 24 hours of education every two years.

Training can include pension funding, fiduciary responsibilities and ethics, among other matters.

©2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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