SB3747 101ST GENERAL ASSEMBLY

LRB101 20283 RPS 69825 b

101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
SB3747

Introduced 2/14/2020, by Sen. Iris Y. Martinez

SYNOPSIS AS INTRODUCED:

40 ILCS 5/1-109.4 new

Amends the General Provisions Article of the Illinois Pension Code. Provides that a trustee on the board of trustees of a pension fund, board of investment, or investment fund established under the Chicago Police, Chicago Firefighter, Illinois Municipal Retirement Fund (IMRF), Chicago Municipal, Cook County, Chicago Laborers, Chicago Park District, Metropolitan Water Reclamation District (MWRD), State Universities, Downstate Teachers, Chicago Teachers, Illinois State Board of Investment, Police Officers' Pension Investment Fund, or Firefighters' Pension Investment Fund Article shall, no later than 6 months after first becoming a trustee and at least once every 3 years thereafter, complete a minimum of 2 hours of continuing education regarding the requirements of and obligations under certain provisions of the Code concerning fiduciary duties, investment policies, and investment sustainability. Provides that a person who is a trustee on the effective date of the amendatory Act shall complete the training no later than 6 months after the effective date of the amendatory Act and at least once every 3 years thereafter. Effective immediately.

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 1-109.4 as follows:

(40 ILCS 5/1-109.4 new)

Sec. 1-109.4. Investment training requirement for certain trustees.

(a) In this Section, "trustee" means a trustee on the board of trustees of a pension fund, retirement system, board of investment, or investment fund established under Article 5, 6, 7, 8, 9, 11, 12, 13, 15, 16, 17, 22A, 22B, or 22C.

(b) No later than 6 months after first becoming a trustee and at least once every 3 years thereafter, a trustee shall complete a minimum of 2 hours of continuing education regarding the requirements of and obligations under Sections 1-109.1, 1-113.6, and 1-113.17. A person who is a trustee on the effective date of this amendatory Act of the 101st General Assembly shall complete the continuing education required by this Section no later than 6 months after the effective date of this amendatory Act of the 101st General Assembly and at least once every 3 years thereafter.

Section 99. Effective date. This Act takes effect upon becoming law.