House Bill 1099

AN ACT TO REQUIRE A FIDUCIARY OR THE GOVERNING BOARD OF A PUBLIC RETIREMENT SYSTEM, IN MAKING AND SUPERVISING INVESTMENTS FOR THE PUBLIC RETIREMENT SYSTEM, TO DISCHARGE ITS DUTIES SOLELY IN THE FINANCIAL INTEREST OF THE PARTICIPANTS AND BENEFICIARIES FOR THE EXCLUSIVE PURPOSES OF PROVIDING FINANCIAL BENEFITS TO PARTICIPANTS AND THEIR BENEFICIARIES AND DEFRAYING REASONABLE EXPENSES OF ADMINISTERING THE SYSTEM; TO PROVIDE THAT AN INVESTMENT MANAGER RETAINED BY THE GOVERNING BOARD SHALL BE SUBJECT TO THE SAME FIDUCIARY DUTIES AS THE BOARD; TO REQUIRE A FIDUCIARY TO TAKE INTO ACCOUNT ONLY FINANCIAL FACTORS WHEN DISCHARGING ITS DUTIES WITH RESPECT TO A RETIREMENT PLAN; TO PROVIDE THAT FINANCIAL FACTORS DO NOT INCLUDE ANY ACTION TAKEN, OR FACTOR CONSIDERED, BY A FIDUCIARY WITH ANY PURPOSE TO FURTHER SOCIAL, POLITICAL OR IDEOLOGICAL INTERESTS; TO PROVIDE THAT ALL SHARES HELD DIRECTLY OR INDIRECTLY BY OR ON BEHALF OF A PUBLIC RETIREMENT SYSTEM AND/OR THE PARTICIPANTS AND THEIR BENEFICIARIES SHALL BE VOTED SOLELY IN THE FINANCIAL INTEREST OF PLAN PARTICIPANTS AND THEIR BENEFICIARIES; TO PROVIDE THAT THIS ACT, OR ANY CONTRACT SUBJECT TO THIS ACT, MAY BE ENFORCED BY THE ATTORNEY GENERAL; TO PROVIDE THAT A PERSON OR COMPANY WHO SERVES AS A FIDUCIARY AND WHO VIOLATES THE FIDUCIARY DUTY IMPOSED BY THIS ACT SHALL BE OBLIGATED TO PAY DAMAGES TO THE PUBLIC RETIREMENT SYSTEM IN AN AMOUNT EQUAL TO THREE TIMES ALL MONIES PAID TO THE PERSON OR COMPANY BY THE SYSTEM FOR THE SERVICES OF THE PERSON OR COMPANY; TO AMEND SECTIONS 25-11-121 AND 25-11-407, MISSISSIPPI CODE OF 1972, TO CONFORM TO THE PRECEDING PROVISIONS; AND FOR RELATED PURPOSES.

In the House of Representatives

• Dana Criswell

  Sponsor

l9n doesn't hold this bill's text yet.

In the House of Representatives Jan 16 – Jan 31

1. Jan 16Referred to the House committee on Appropriations
2. Jan 31Died in committee in the House