HB3081 99TH GENERAL ASSEMBLY

LRB099 08479 RPS 28635 b

99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB3081

Introduced , by Rep. Michael Unes

SYNOPSIS AS INTRODUCED:

40 ILCS 5/1-109.3

Amends the General Provisions Article of the Illinois Pension Code. In a provision that requires training for all elected and appointed trustees under the Downstate Police and Downstate Firefighters Articles of the Code, provides that a trustee is not required to complete that training if the trustee is a certified public accountant, is a certified management accountant, is a fellow of the Society of Actuaries, is an associate of the Society of Actuaries, has a chartered enterprise risk analyst credential, or is a certified financial planner. 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 changing Section 1-109.3 as follows:

(40 ILCS 5/1-109.3)

Sec. 1-109.3. Training requirement for pension trustees.

(a) Except as provided in subsection (e), all All elected and appointed trustees under Article 3 and 4 of this Code must participate in a mandatory trustee certification training seminar that consists of at least 32 hours of initial trustee certification at a training facility that is accredited and affiliated with a State of Illinois certified college or university. This training must include without limitation all of the following:

(1) Duties and liabilities of a fiduciary under Article 1 of the Illinois Pension Code.

(2) Adjudication of pension claims.

(3) Basic accounting and actuarial training.

(4) Trustee ethics.

(5) The Illinois Open Meetings Act.

(6) The Illinois Freedom of Information Act.

The training required under this subsection (a) must be completed within the first year that a trustee is elected or appointed under an Article 3 or 4 pension fund. The elected and appointed trustees of an Article 3 or 4 pension fund who are police officers (as defined in Section 3-106 of this Code) or firefighters (as defined in Section 4-106 of this Code) or are employed by the municipality shall be permitted time away from their duties to attend such training without reduction of accrued leave or benefit time. Active or appointed trustees serving on the effective date of this amendatory Act of the 96th General Assembly shall not be required to attend the training required under this subsection (a).

(b) Except as provided in subsection (e), in In addition to the initial trustee certification training required under subsection (a), all elected and appointed trustees under Article 3 and 4 of this Code, including trustees serving on the effective date of this amendatory Act of the 96th General Assembly, shall also participate in a minimum of 16 hours of continuing trustee education each year after the first year that the trustee is elected or appointed.

(c) The training required under this Section shall be paid for by the pension fund.

(d) Any board member who does not timely complete the training required under this Section is not eligible to serve on the board of trustees of an Article 3 or 4 pension fund, unless the board member completes the missed training within 6 months after the date the member failed to complete the required training. In the event of a board member's failure to complete the required training, a successor shall be appointed or elected, as applicable, for the unexpired term. A successor who is elected under such circumstances must be elected at a special election called by the board and conducted in the same manner as a regular election under Article 3 or 4, as applicable.

(e) Notwithstanding any other provision of this Section, an elected or appointed trustee under Article 3 or 4 of this Code is not required to complete the training required under this Section if that trustee:

(1) is a certified public accountant;

(2) is a certified management accountant;

(3) is an associate of the Society of Actuaries;

(4) is a fellow of the Society of Actuaries;

(5) has obtained the chartered enterprise risk analyst credential; or

(6) is a certified financial planner.

(Source: P.A. 96-429, eff. 8-13-09.)

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