summary
Introduced
01/31/2025
01/31/2025
In Committee
06/02/2025
06/02/2025
Crossed Over
Passed
Dead
Introduced Session
Potential new amendment
104th General Assembly
Bill Summary
Amends the General Provisions Article of the Illinois Pension Code. Provides that the amendatory Act may be referred to as the Pension Board Member Training Act. Provides that the Department of Insurance shall develop and implement a curriculum designed to provide pension board members with necessary education on specified topics, including legal and fiduciary responsibilities, investment strategies, ethical considerations, and actuarial assessments and reporting requirements. Provides that the curriculum shall be made available online to all pension board members. Requires every pension board member to complete the training provided by the Department on an annual basis. Provides that attendance at pension board meetings shall not be deemed to fulfill the annual training requirement. Sets forth provisions concerning definitions; Department responsibilities and rulemaking; and documentation.
AI Summary
This bill establishes the Pension Board Member Training Act, which requires the Illinois Department of Insurance to develop and implement a comprehensive online training curriculum for pension board members. The curriculum will cover critical topics including legal and fiduciary responsibilities, investment strategies, ethical considerations, actuarial assessments, relevant pension laws, risk management, and other necessary governance subjects. Every pension board member (defined as an individual serving on a governing body responsible for overseeing public employee pension funds) must complete this training annually, with documentation of completion submitted to the Department of Insurance. The bill specifically clarifies that merely attending pension board meetings does not satisfy the annual training requirement. The Department of Insurance will be responsible for creating, maintaining, and updating the curriculum, ensuring online accessibility, and establishing a tracking system to document member training completion. This legislation aims to enhance the knowledge, competence, and accountability of individuals managing public pension funds by mandating standardized, ongoing professional education.
Committee Categories
Labor and Employment
Sponsors (1)
Last Action
Senate Floor Amendment No. 2 Pursuant to Senate Rule 3-9(b) / Referred to Assignments (on 07/02/2025)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1456&GAID=18&DocTypeID=SB&SessionID=114&GA=104 |
| Senate Amendment 002 | https://www.ilga.gov/legislation/104/SB/10400SB1456sam002.htm |
| Senate Amendment 001 | https://www.ilga.gov/legislation/104/SB/10400SB1456sam001.htm |
| BillText | https://www.ilga.gov/legislation/104/SB/10400SB1456.htm |
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