NOTE: As provided in LFC policy, this report is intended for use by the standing finance committees of the legislature.  The Legislative Finance Committee does not assume responsibility for the accuracy of the information in this report when used in any other situation.

Only the most recent FIR version, excluding attachments, is available on the Intranet. Previously issued FIRs and attachments may be obtained from the LFC office in Suite 101 of the State Capitol Building North.

(Parenthesis ( ) Indicate Expenditure Decreases)

SOURCES OF INFORMATION

State Investment Council (SIC)

Public Employees Retirement Association (PERA)

SUMMARY

Synopsis of HAFC amendment

The HAFC amendment inserts the exemptions contained in the original bill into the Public Employees Retirement Act and Educational Retirement Act without which the PERA or the ERB could not be gifted travel costs for due diligence trips the are required to fulfill their fiduciary duty.

Synopsis of Original Bill

This bill allows any public officer or employee to accept gifts of food or beverages, consumed at the time of receipt, up to $50 for a single gift and $150 in the aggregate for a calendar year. This bill precludes all other gifts except travel cost associated with due diligence visits for compliance with the public officer's fiduciary duties and an occasional gift of insignificant value.

FISCAL IMPLICATIONS

This bill has no fiscal impact.

JBE/njw