Public Pensions and the Uniform Management of Public Employee Retirement Systems Act

Abstract

The Uniform Management of Public Employee Retirement Systems Act is a recent product of the National Conference of Commissioners on Uniform State Laws. Approved by the Commissioners in 1997, the Act provides uniform rules in two important areas: the standards of fiduciary conduct and the disclosure obligations of public pension funds. In the former area, the Act provides a clear statement of the standards of fiduciary conduct and, in so doing, permits and encourages public pension systems to engage in modern investment practices. On disclosure, the Act provides broad obligations intended to provide rich and detailed information to those with an interest in monitoring public pension systems. In this article, Professor Willborn introduces the Act to the academic and general legal communities by providing a careful analysis of the provisions of the Act. These provisions are often complex because public pension systems themselves are complex organizations that call for sophisticated regulation.