104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
SB1456
 
Introduced 1/31/2025, by Sen. Robert F. Martwick
 
SYNOPSIS AS INTRODUCED:
 
40 ILCS 5/1-109.4 new
    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.


LRB104 09627 RPS 19692 b

 
 
A BILL FOR
 
SB1456LRB104 09627 RPS 19692 b

1    AN ACT concerning public employee benefits.
 
2    Be it enacted by the People of the State of Illinois, 
3represented in the General Assembly:
 
4    Section 1. The Act may be referred to as the Pension Board 
5Member Training Act. 
 
6    Section 5. The Illinois Pension Code is amended by adding 
7Section 1-109.4 as follows:
 
8    (40 ILCS 5/1-109.4 new)
9    Sec. 1-109.4. Pension board member training. 
10    (a) In this Section:
11    "Pension board" means any governing body, committee, or 
12group responsible for overseeing or managing a pension fund or 
13retirement system for public employees in the State.
14    "Pension board member" means an individual serving on a 
15pension board.
16    (b) The Department of Insurance shall develop and 
17implement a curriculum designed to provide pension board 
18members with necessary education on:
19        (1) legal and fiduciary responsibilities of pension 
20    fund management;
21        (2) investment strategies and financial management 
22    principles related to pension funds;
 
 
SB1456- 2 -LRB104 09627 RPS 19692 b

1        (3) ethical considerations in public pension 
2    governance;
3        (4) actuarial assessments and reporting requirements;
4        (5) relevant State and federal laws regarding pensions 
5    and retirement benefits;
6        (6) risk management and actuarial funding policies; 
7    and
8        (7) other subjects deemed necessary by the Department 
9    of Insurance to effectively govern pension funds.
10    The curriculum developed under this subsection shall be 
11made available online to all pension board members.
12    (c) The Department of Insurance shall:
13        (1) create, maintain, and update the curriculum as 
14    necessary to reflect changes in law and best practices;
15        (2) ensure that the curriculum is accessible online, 
16    with resources to facilitate completion of the training; 
17    and
18        (3) provide a system for documenting and tracking the 
19    completion of training by pension board members.
20    (d) Every pension board member shall complete the training 
21provided by the Department of Insurance on an annual basis. 
22Completion of the annual training shall be documented, and the 
23documentation shall be provided to the Department of 
24Insurance.
25    (e) Attendance at pension board meetings shall not be 
26deemed to fulfill the annual training requirement under this 
 
 
SB1456- 3 -LRB104 09627 RPS 19692 b

1Section.
2    (f) The Department may adopt rules for the implementation 
3and enforcement of this Section.