Illinois SB1456 mandates annual training for pension board members on legal, ethical, and financial topics.
SB1456 requires the Illinois Department of Insurance to develop a curriculum for pension board members, covering legal and fiduciary responsibilities, investment strategies, ethical considerations, and actuarial assessments. The curriculum must be accessible online, and each pension board member must complete the training annually. Attendance at pension board meetings does not fulfill the training requirement. The Department is responsible for maintaining and updating the curriculum, as well as documenting and tracking member training completion.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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