Illinois SB1710 mandates indemnification for trustees, staff, and consultants of retirement systems and pension funds against damage claims.
Illinois SB1710 amends the Illinois Pension Code to require every retirement system, pension fund, or other system or fund established under the Code to indemnify and protect the trustees, staff, and consultants against all damage claims and suits, including the defense thereof, when damages are sought for negligent or wrongful acts alleged to have been committed in the scope of employment or under the direction of the trustees. Trustees, staff, and consultants shall not be indemnified for willful misconduct and gross negligence.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.