Pursuant to current law, the state treasurer is a member of the board of trustees (board) of the public employees' retirement association (PERA). PERA's nonstatutory governance manual permits a trustee to make reasonable requests for information from PERA when the information is necessary for the purposes of fulfilling the trustee's duties as a member of the board. The governance manual also includes limitations on the nature of requests for information that a member of the board of trustees can make.
The bill authorizes the state treasurer, in his or her capacity as a member of the board of trustees and in furtherance of his or her fiduciary duties and obligations to the members and benefit recipients of PERA, to review all records or information within the custody and control of PERA. Upon request of the state treasurer, the executive director of PERA or the board is required to provide access to any records or information requested. Neither the executive director nor the board may deny the state treasurer's request for records or information based on the expenditure of staff time or the need to use outside resources to fill the request, or any other reason. The state treasurer is prohibited from using any records or information provided for personal use and PERA is required to keep certain information confidential when providing requested records or information to the state treasurer.
(Note: This summary applies to this bill as introduced.)