Full Text of HB4666 97th General Assembly
HB4666sam003 97TH GENERAL ASSEMBLY | Sen. Edward D. Maloney Filed: 11/27/2012
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| 1 | | AMENDMENT TO HOUSE BILL 4666
| 2 | | AMENDMENT NO. ______. Amend House Bill 4666 by replacing | 3 | | everything after the enacting clause with the following: | 4 | | "Section 5. The Illinois Pension Code is amended by | 5 | | changing Sections 1-109.3 and 1-113.18 as follows: | 6 | | (40 ILCS 5/1-109.3) | 7 | | Sec. 1-109.3. Training requirement for pension trustees. | 8 | | (a) All elected and appointed trustees under Article 3 and | 9 | | 4 of this Code must participate in a mandatory trustee | 10 | | certification training seminar that consists of at least 32 | 11 | | hours of initial trustee certification at a training facility | 12 | | that is accredited and affiliated with a State of Illinois | 13 | | certified college or university. This training must include | 14 | | without limitation all of the following: | 15 | | (1) Duties and liabilities of a fiduciary under Article | 16 | | 1 of the Illinois Pension Code. |
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| 1 | | (2) Adjudication of pension claims. | 2 | | (3) Basic accounting and actuarial training. | 3 | | (4) Trustee ethics. | 4 | | (5) The Illinois Open Meetings Act. | 5 | | (6) The Illinois Freedom of Information Act. | 6 | | The training required under this subsection (a) must be | 7 | | completed within the first 2 years after the year that a | 8 | | trustee takes office is elected or appointed under an Article 3 | 9 | | or 4 pension fund. At least 8 hours of training during the | 10 | | first year of training must cover trustee ethics and the | 11 | | fiduciary duties and liabilities of pension trustees. The | 12 | | elected and appointed trustees of an Article 3 or 4 pension | 13 | | fund who are police officers (as defined in Section 3-106 of | 14 | | this Code) or firefighters (as defined in Section 4-106 of this | 15 | | Code) or are employed by the municipality shall be permitted | 16 | | time away from their duties to attend such training without | 17 | | reduction of accrued leave or benefit time. Active or appointed | 18 | | trustees serving on August 13, 2009 ( the effective date of | 19 | | Public Act 96-429) this amendatory Act of the 96th General | 20 | | Assembly shall not be required to attend the training required | 21 | | under this subsection (a). | 22 | | (b) Upon completion of, and in In addition to , the initial | 23 | | trustee certification training required under subsection (a), | 24 | | all elected and appointed trustees under Article 3 and 4 of | 25 | | this Code, including trustees serving on August 13, 2009 ( the | 26 | | effective date of Public Act 96-429) this amendatory Act of the |
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| 1 | | 96th General Assembly , shall also complete at least an | 2 | | additional participate in a minimum of 16 hours of continuing | 3 | | trustee education during (i) the 2 years following the date by | 4 | | which the training required under subsection (a) must be | 5 | | completed and (ii) every 2 years thereafter. At least 4 hours | 6 | | of training during each of those years shall be devoted to | 7 | | trustee ethics and the fiduciary duties and liabilities of | 8 | | pension trustees. At least 8 hours of the biennial training | 9 | | required under this subsection (b) must be in the form of a | 10 | | live lecture or classroom training forum or, if taken online, | 11 | | must be in an interactive form with ascertainable verification | 12 | | of participation and learning by the trustee in the online | 13 | | training program. The balance of biennial trustee training | 14 | | required under this subsection (b) may take the form of | 15 | | participation in other training opportunities incident to the | 16 | | functioning of the pension board, such as participation in | 17 | | board hearings on the award of disability or other benefits or | 18 | | training opportunities associated with other organizations or | 19 | | employment that are applicable to the duties of a pension fund | 20 | | trustee each year after the first year that the trustee is | 21 | | elected or appointed . | 22 | | (c) The training required under this Section shall be paid | 23 | | for by the pension fund. | 24 | | (d) Any board member who does not timely complete the | 25 | | training required under this Section is not eligible to serve | 26 | | on the board of trustees of an Article 3 or 4 pension fund, |
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| 1 | | unless the board member completes the missed training within 6 | 2 | | months after the date the member failed to complete the | 3 | | required training. In the event of a board member's failure to | 4 | | complete the required training, a successor shall be appointed | 5 | | or elected, as applicable, for the unexpired term. A successor | 6 | | who is elected under such circumstances must be elected at a | 7 | | special election called by the board and conducted in the same | 8 | | manner as a regular election under Article 3 or 4, as | 9 | | applicable.
| 10 | | (Source: P.A. 96-429, eff. 8-13-09.) | 11 | | (40 ILCS 5/1-113.18)
| 12 | | Sec. 1-113.18. Ethics training. All board members of a | 13 | | retirement system, pension fund, or investment board created | 14 | | under this Code must attend ethics training of at least 8 hours | 15 | | per year. The training required under this Section shall | 16 | | include training on ethics, fiduciary duty, and investment | 17 | | issues and any other curriculum that the board of the | 18 | | retirement system, pension fund, or investment board | 19 | | establishes as being important for the administration of the | 20 | | retirement system, pension fund, or investment board. The | 21 | | Supreme Court of Illinois shall be responsible for ethics | 22 | | training and curriculum for judges designated by the Court to | 23 | | serve as members of a retirement system, pension fund, or | 24 | | investment board.
Each board shall annually certify its | 25 | | members' compliance with this Section and submit an annual |
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| 1 | | certification to the Division of Insurance of the Department of | 2 | | Financial and Professional Regulation. Judges shall annually | 3 | | certify compliance with the ethics training requirement and | 4 | | shall submit an annual certification to the Chief Justice of | 5 | | the Supreme Court of Illinois. Fulfillment of the requirements | 6 | | of Section 1-109.3 by elected and appointed trustees under | 7 | | Articles 3 and 4 of this Code constitutes compliance with the | 8 | | requirements of this Section.
| 9 | | (Source: P.A. 96-6, eff. 4-3-09.)".
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