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SB 1456

PEN CD-BOARD MEMBER TRAINING

104th Regular Session Introduced by Rob Martwick

Illinois SB 1456 requires annual standardized training for all pension board members on fiduciary duties, ethics, and governance, with online curriculum and tracking.

Senate Floor Amendment No. 2 Pursuant to Senate Rule 3-9(b) / Referred to Assignments
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Bill Summary · SB 1456

SB 1456 — "Pension Board Member Training" (Summary)

Note: The file for SB 1456 contains multiple, state-specific drafts (including unrelated Arizona and Hawaii texts). This summary focuses on the version titled the "Pension Board Member Training Act" (40 ILCS 5/1-109.4 new) as introduced in Illinois and as subsequently amended.

Main purpose

To require standardized, recurring training for individuals who serve on public pension governing bodies in order to improve fiduciary oversight, governance, actuarial understanding, legal compliance, risk management, and ethical decision‑making for public pension funds.

Key provisions (core elements)

  • Adds a new section to the Illinois Pension Code (40 ILCS 5/1-109.4 new) establishing mandatory training for pension board members.
  • Defines terminology:
    • "Pension board" — any body responsible for managing/overseeing a public employee pension or retirement system in the State.
    • "Pension board member" — an individual serving on such a board (some drafts except certain trustees under Articles 3 or 4).
  • Requires a curriculum covering topics including:
    • Legal and fiduciary responsibilities,
    • Investment strategies/principles,
    • Ethical governance,
    • Actuarial assessments and reporting,
    • Relevant state and federal pension laws,
    • Risk management and funding policies,
    • Other topics deemed necessary.
  • Requires annual completion of the training by each pension board member and documentation of completion to be submitted to the responsible State office.
  • Makes the curriculum available online at no cost; requires the responsible State entity to create, maintain, and update the curriculum and to provide tracking/documentation systems.
  • Grants rulemaking authority to the implementing agency for enforcement and implementation.

Variations across amendments

  • Implementing authority: the introduced version assigns the Department of Insurance; later amendments (filed by Sen. Robert Martwick) shift responsibility to the State Treasurer and expand operational detail (e.g., online and optional in‑person delivery, tracking system).
  • Compliance deadlines (in later amendment): initial training deadlines for current and newly appointed members (e.g., members serving on June 30, 2026 to complete initial training by Dec 31, 2026; new members within six months).
  • Substitutions/exemptions: limited credit allowed for at least one hour of board-provided fiduciary training; judges who complete Supreme Court‑required trustee training may be deemed compliant.
  • Reporting and enforcement (later amendment): semiannual public reporting (by Jan 15 and July 15) of members who have not completed required training; collected fees (if any) deposited to the Treasurer’s Administrative Fund.
  • Penalties (in one amendment): a $500 fine for each six-month period a member is delinquent (appears in one Senate amendment draft).

Who is affected

  • Current and future members of public pension boards in Illinois (municipal, county, state, and other public retirement systems).
  • State implementing agency (Department of Insurance or State Treasurer, depending on final language).
  • Pension systems and boards (must track, document, and potentially adjust practices to ensure compliance).

Procedural/status notes

  • Original Illinois introduction: SB 1456 (filed Jan 31, 2025 by Sen. Robert F. Martwick).
  • Multiple floor amendments filed (Senate Floor Amendment No. 1 and No. 2; No. 2 filed 5/6/2025).
  • As of the latest entry in the provided file: Senate Floor Amendment No. 2 was filed and the bill was referred to Assignments pursuant to Senate Rule 3‑9(b).
  • Companion/related house bills are listed in the file (HB 3669, HB 1137) and may reflect companion measures in other chambers or states.

Additional note

The SB 1456 document also contains unrelated bill text (e.g., an Arizona draft on commercial dog breeders and multiple Hawaii beach‑restoration drafts). Those sections are separate measures and are not part of the Illinois Pension Board Member Training Act described above.

Compiled from official sources — confirm details with the bill’s official record.

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