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.


LRB099 08479 RPS 28635 b

FISCAL NOTE ACT MAY APPLY
PENSION IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB3081LRB099 08479 RPS 28635 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 5. The Illinois Pension Code is amended by changing
5Section 1-109.3 as follows:
 
6    (40 ILCS 5/1-109.3)
7    Sec. 1-109.3. Training requirement for pension trustees.
8    (a) Except as provided in subsection (e), all All elected
9and appointed trustees under Article 3 and 4 of this Code must
10participate in a mandatory trustee certification training
11seminar that consists of at least 32 hours of initial trustee
12certification at a training facility that is accredited and
13affiliated with a State of Illinois certified college or
14university. This training must include without limitation all
15of the following:
16        (1) Duties and liabilities of a fiduciary under Article
17    1 of the Illinois Pension Code.
18        (2) Adjudication of pension claims.
19        (3) Basic accounting and actuarial training.
20        (4) Trustee ethics.
21        (5) The Illinois Open Meetings Act.
22        (6) The Illinois Freedom of Information Act.
23    The training required under this subsection (a) must be

 

 

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1completed within the first year that a trustee is elected or
2appointed under an Article 3 or 4 pension fund. The elected and
3appointed trustees of an Article 3 or 4 pension fund who are
4police officers (as defined in Section 3-106 of this Code) or
5firefighters (as defined in Section 4-106 of this Code) or are
6employed by the municipality shall be permitted time away from
7their duties to attend such training without reduction of
8accrued leave or benefit time. Active or appointed trustees
9serving on the effective date of this amendatory Act of the
1096th General Assembly shall not be required to attend the
11training required under this subsection (a).
12    (b) Except as provided in subsection (e), in In addition to
13the initial trustee certification training required under
14subsection (a), all elected and appointed trustees under
15Article 3 and 4 of this Code, including trustees serving on the
16effective date of this amendatory Act of the 96th General
17Assembly, shall also participate in a minimum of 16 hours of
18continuing trustee education each year after the first year
19that the trustee is elected or appointed.
20    (c) The training required under this Section shall be paid
21for by the pension fund.
22    (d) Any board member who does not timely complete the
23training required under this Section is not eligible to serve
24on the board of trustees of an Article 3 or 4 pension fund,
25unless the board member completes the missed training within 6
26months after the date the member failed to complete the

 

 

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1required training. In the event of a board member's failure to
2complete the required training, a successor shall be appointed
3or elected, as applicable, for the unexpired term. A successor
4who is elected under such circumstances must be elected at a
5special election called by the board and conducted in the same
6manner as a regular election under Article 3 or 4, as
7applicable.
8    (e) Notwithstanding any other provision of this Section, an
9elected or appointed trustee under Article 3 or 4 of this Code
10is not required to complete the training required under this
11Section if that trustee:
12        (1) is a certified public accountant;
13        (2) is a certified management accountant;
14        (3) is an associate of the Society of Actuaries;
15        (4) is a fellow of the Society of Actuaries;
16        (5) has obtained the chartered enterprise risk analyst
17    credential; or
18        (6) is a certified financial planner.
19(Source: P.A. 96-429, eff. 8-13-09.)
 
20    Section 99. Effective date. This Act takes effect upon
21becoming law.