HB6117 96TH GENERAL ASSEMBLY

LRB096 19129 AMC 34520 b

96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB6117

Introduced 2/11/2010, by Rep. Elaine Nekritz

SYNOPSIS AS INTRODUCED:

40 ILCS 5/1-113.15 new

Amends the Illinois Pension Code. Requires the University of Illinois to create and maintain a fiduciary college for the purpose of educating pension fund, retirement system, and investment board members and staffs on ethics, fiduciary duty, investment issues, and any other curriculum. Requires all board members of any fund created under the Code, except those created under the Downstate Police and Downstate Fire Articles, to attend training of at least 8 hours per year at the Illinois Fiduciary College. Provides that downstate police and fire pension funds may opt to participate in these classes, and in doing so, board members shall fulfill any requirements for training otherwise required by the Code. Effective immediately.

FISCAL NOTE ACT MAY APPLY

PENSION IMPACT NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning public employee benefits.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Pension Code is amended by adding Section 1-113.15 as follows:

(40 ILCS 5/1-113.15 new)

Sec. 1-113.15. Illinois Fiduciary College. The University of Illinois shall create and maintain a fiduciary college. This college shall offer continuing education at any of the University of Illinois campuses or other locations established by the University for the sole purpose of educating pension fund, retirement system, and investment board members and staffs on ethics, fiduciary duty, investment issues, and any other curriculum that the University establishes as being important to the administration of a pension system. It will be mandatory that all board members of any fund created under this Code, except those created under Articles 3 and 4, attend training of at least 8 hours per year at the Illinois Fiduciary College. All expenses shall be charged by the University to the retirement system as a percentage cost based on the total asset level possessed by the fund. The classes may be open to others at the University's discretion and shall be charged at an hourly rate equal to what the University would otherwise charge students for similar class work.

Pension funds established under Article 3 and 4 of this Code may opt to participate in these classes, and in doing so, board members shall fulfill any requirements for training otherwise required by this Code. In establishing the costs paid by these funds, the University shall charge the boards a rate based on their size, but may waive this charge at the University's discretion.

Section 999. Effective date. This Act takes effect upon becoming law.