Current through Pa Acts 2024-53, 2024-56 through 2024-95
Section 3838.7 - Conflict with other laws(a)Compliance.--Except as otherwise provided under subsection (b), a public fund may perform any action necessary to comply with this act, notwithstanding the provisions of any other law, including, but not limited to, any fiduciary or prudent investing responsibilities as prescribed in 20 Pa.C.S. § 7302 (relating to authorized investments; in general), 24 Pa.C.S. § 8521 (relating to management of fund and accounts), 71 Pa.C.S. § 5931 (relating to management of fund and accounts) and section 110 of the act of February 1, 1974 ( P.L. 34, No.15), known as the Pennsylvania Municipal Retirement Law, and any obligations of a public fund with respect to choice of asset managers, investment funds or investments for the public fund's securities portfolios.(b)Applicable standard.--Divestment under section 4(c) shall be made in accordance with any applicable fiduciary or prudent investing responsibilities as prescribed under 20 Pa.C.S. § 7302, 24 Pa.C.S. § 8521 and 71 Pa.C.S. § 5931, section 110 of the Pennsylvania Municipal Retirement Law and any obligations of a public fund with respect to choice of asset managers, investment funds or investments for the public fund's securities portfolios.Added by P.L. TBD 2022 No. 132, § 7, eff. 11/3/2022.