Section 5812 - Powers and duties of boardThe board, in addition to its powers and duties set forth in chapter 59 (relating to administration, funds, accounts, general provisions), shall have the following powers and duties to establish the plan and trust and administer the provisions of this chapter and part:
(1) The board may commingle or pool assets with the assets of other persons or entities.(2) The board shall pay all administrative fees, costs and expenses of managing, investing and administering the plan, the trust and the individual investment accounts from the balance of such individual investment accounts except as otherwise provided under this part or as the general assembly otherwise provides by appropriations from the general fund. the board may assess, and each employer shall pay, an annual per-participant charge for the payment of administrative fees, costs and expenses under this paragraph.(3) The board may establish investment guidelines and limits on the types of investments that participants may make, consistent with the board's fiduciary obligations.(4) The board shall have the power to change the terms of the plan as may be necessary to maintain the tax-qualified status of the plan.(5) The board may establish a process for election to participate in the plan by those state employees eligible to do so for whom participation is not mandatory.(6) The board may perform an annual or more frequent review of any qualified fund manager for the purpose of assuring that the fund manager continues to meet all standards and criteria established.(7) The board may allow for eligible rollovers and direct trustee-to-trustee transfers into the trust from qualified plans of other employers, regardless of whether the employers are private employers or public employers.(8) The board may allow an inactive participant to maintain the participant's individual investment account within the plan.(9) The board shall administer or ensure the administration of the plan in compliance with the qualifications and other rules of the IRC.(10) The board may establish procedures to provide for the lawful payment of benefits, including, but not limited to, alternate payees as set forth in sections 5953 (relating to taxation, attachment and assignment of funds) Through 5953.6 (relating to irrevocable successor payee).(11) The board shall determine, after reviewing applicable law, what constitutes a termination of state service.(12) The board may establish procedures for distributions of small accounts as required or permitted by the IRC.(13) The board may establish procedures in the plan document or promulgate rules and regulations as it deems necessary for the administration and management of the plan, including, but not limited to, establishing:(i) Procedures for eligible participants to change voluntary contribution amounts or their investment choices on a periodic basis or make other elections regarding their participation in the plan.(ii) Procedures for deducting mandatory pickup participant contributions and voluntary contributions from a participant's compensation.(iii) Procedures for rollovers and trustee-to-trustee transfers allowed under the IRC and permitted as part of the plan.(iv) Standards and criteria for providing not less than ten options which are offered by three or more providers of investment options to eligible individuals regarding investments of amounts deferred under the plan. The standards and criteria must provide for a variety of investment options and shall be reviewed in accordance with criteria established by the board.(v) Standards and criteria for disclosing to the participants the anticipated and actual income attributable to amounts invested, property rights and all fees, costs and expenses to be made against amounts deferred to cover the fees, costs and expenses of administering and managing the plan or trust.(vi) Procedures, standards and criteria for the making of distributions from the plan upon termination from employment or death or in other circumstances consistent with the purpose of the plan.(14) The board may waive any reporting or information requirement contained in this part if the board determines that the information is not needed for the administration of the plan.(15) The board may contract any services and duties in lieu of staff, except final adjudications and as prohibited by law. Any duties or responsibilities of the board not required by law to be performed by the board can be delegated to a third-party provider subject to appeal to the board.(16) The board may provide that any duties of the employer or information provided by the participant to the employer be performed or received directly by the board.(17) The board shall ensure that participants are provided with educational materials about investment options and choices.(18) The provisions and restrictions of the act of July 2, 2010 ( P.L. 266, No.44), known as the protecting pennsylvania's investments act, shall not apply to the participants' individual investment accounts or the moneys and investments therein, but the board is authorized to offer to the plan participants investment vehicles that would be permitted under the protecting pennsylvania's investments act.Amended by P.L. TBD 2020 No. 94, § 1, eff. 10/29/2020.Added by P.L. TBD 2017 No. 5, § 321, eff. 6/12/2017.