PRIORH0696B0722A01331 PRINTER'SBIL:CMD 05/13/19 #90 A01331 AMENDMENTS TO HOUSE BILL NO.

722696 PRINTER'SSponsor: NO.

1850REPRESENTATIVE THEMcCARTER GENERALPrinter's ASSEMBLY OF PENNSYLVANIA HOUSE BILL Session of No.

696722 2019Amend INTRODUCEDBill, BYpage McCARTER,1, LONGIETTI,line SCHLOSSBERG,2, MURT,by SAMUELSON,striking MILLARD,out BOBACK, NEILSON, HILL-EVANS, DEASY, WARREN, DeLUCA, PASHINSKI AND SIMS, MARCH 5, 2019 AS REPORTED FROM COMMITTEE ON AGING AND OLDER ADULT SERVICES, HOUSE OF REPRESENTATIVES, AS AMENDED, MAY 15, 2019 AN ACT Establishing the Seniorperiod Citizenafter Retirement"Commission" Investmentand Protectioninserting Commission.;;

ANDand PROVIDINGproviding FORfor ITSits DUTIES.duties.

<--Amend TheBill, Generalpage Assembly1, by inserting between lines 13 and 14 "Senior citizen." A resident of thethis Commonwealth ofwho Pennsylvaniais hereby60 enactsyears asof follows:age or older.

SectionAmend 1.Bill, page 2, lines 1 through 7, by striking out all of said lines Amend Bill, page 2, line 8, by inserting before "The" (b) Members.-- Amend Bill, page 2, line 13, by striking out "Department of Revenue." and inserting Treasury Department.

ShortAmend title.Bill, page 2, lines 16 through 25, by striking out all of said lines and inserting (2) A member of the Senate appointed by each of the following:

This(i) actThe shallPresident bepro knowntempore andof may be cited as the SeniorSenate. Citizen Retirement Investment Protection Act.

Section(ii) 2.The Minority Leader of the Senate.

Definitions.(3) A member of the House of Representatives appointed by each of the following:

(i) The followingSpeaker wordsof and phrases when used in this act shall have the meaningsHouse givenof toRepresentatives. them in this section unless the context clearly indicates otherwise:

"Commission."(ii) The SeniorMinority CitizenLeader Retirementof Investmentthe ProtectionHouse Commissionof establishedRepresentatives. under section 3.

"SENIOR(4) CITIZEN." A RESIDENTrepresentative OFof THISthe COMMONWEALTHfollowing, WHOappointed ISby 60the <--Governor: YEARS OF AGE OR OLDER.

Section(i) 3.AARP.

Senior(ii) CitizenTemple RetirementUniversity InvestmentInstitute Protectionon Commission.Protective Services.

(a)(c) Establishment.--TheTerms.--A Seniormember Citizenof Retirementthe Investmentcommission Protectionshall Commissionserve isat established.the 2019/90BIL/HB0696A01331 - 1 - pleasure of the member's appointing authority.

(b)If Duties.--Thea commissionmember shallceases meet twice annually to <--represent developthe publicinterests policies,of proceduresthe andmembership educationalclass toolsfor towhich helpthe seniormember citizenswas inappointed, thisthe Commonwealthappointing manageauthority theirshall personalterminate retirementthe investmentsmember's asappointment wellto asthe protectcommission. them from unscrupulous practitioners who may prey on senior citizens and their retirement investments.

(d) Vacancies.--A vacancy on the commission shall be filled by the original appointing authority.

(e) Compensation.--Members of the commission shall serve without compensation but members appointed by the Governor may be reimbursed for necessary and reasonable travel and other expenses incurred during the performance of their duties.

(f) Meetings.--The commission shall meet at least once every other quarter during a calendar year to discuss retirement investment issues and fraud facing senior citizens.

(g) Bylaws.--The commission shall establish bylaws that address, at a minimum, designating a chairperson and scheduling meetings.

MembersCommission ofduties. commission.

(B)The MEMBERS.--The commission shallshall: be comprised of all of <-- the following members:

(1) TheExamine secretaries,issues orfacing theirCommonwealth designatedresidents, representatives,particularly ofsenior thecitizens, following:relative to retirement and other investments, including scams and fraud.

(i)(2) DepartmentDevelop public policies, procedures and educational tools to help senior citizens understand investment terminology and the types of Aging.retirement investments available to them.

(ii)(3) DepartmentDevelop oftools Revenue.to help senior citizens protect themselves from scams and unscrupulous practitioners who may prey on them and their retirement investments.

TREASURY(4) DEPARTMENT.Make information under paragraphs (1), (2) and (3) available to the public.

<-- (iii) Department of Banking and Securities.

(iv) Attorney General.

(2) A representative of the following:

<-- (i) The President of the Senate.

(ii) The Speaker of the House of Representatives.

(iii) The Majority Leader from each caucus.

(iv) The Minority Leader from each caucus.

Reporting.Reports.

The commission shall issue a report to the General Assembly within sixone monthsyear of theits initial formation ofand theannually commission.thereafter.

ThisThe report shall includeinclude, potentialat actionsa thatminimum, can be taken to carry out the dutiesfollowing: of the commission under section 3(b).

(2)(1) AThe MEMBERresults OFof THEthe SENATEexamination APPOINTEDunder BYsection EACH4(1). OF THE <-- FOLLOWING:

(I)(2) THEPublic PRESIDENTpolicies, PROprocedures TEMPOREand OFeducational THEtools SENATE.developed under section 4 and how this information is disseminated to the public.