PROTECT PUBLIC EMPLOYEE PENSIONS

WHEREAS, public employee retirement systems are not subject to the Employee Retirement Income Security Act (ERISA) and have virtually no federal retirement income protections; and

WHEREAS, the assets of any retirement system should be responsibly invested for the benefit of the plan's participants and beneficiaries; and

WHEREAS, individuals who control retirement system assets should be held under law to high standards of conduct; and

WHEREAS, conflicting and ambiguous state and local laws and court decisions have created uncertainty about the legal rights of participants in public employee retirement systems; and

WHEREAS, fiduciary protective ions are far less than they should be, and standards for reporting and disclosure are frequently inadequate; and

WHEREAS, the federal government has done little to protect the millions of plan participants and beneficiaries who may be adversely affected:

RESOLVED, that Congress be urged to enact legislation to protect the interests of participants and beneficiaries in public employee retirement systems; and

RESOLVED, that such legislation should require the disclosure and reporting to plan participants and their beneficiaries, employers, employee organizations and the general public of financial and other information about such plans; and

RESOLVED, that such legislation should establish minimum standards of conduct and responsibility for fiduciaries of public employee retirement systems and provide for appropriate remedies, sanctions and access to federal and state courts.