SB1456 mandates annual training for Illinois pension board members on specified topics.
SB1456, known as the Pension Board Member Training Act, requires the Illinois Department of Insurance to develop a curriculum for pension board members. This curriculum must cover topics such as legal and fiduciary responsibilities, investment strategies, ethical considerations, and actuarial assessments. Pension board members must complete this training annually, and attendance at pension board meetings does not fulfill this requirement. The curriculum will be made available online, and the Department of Insurance will maintain and update it as needed.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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