How Do I Satisfy The Annual Trustee Training Requirements?
In 2009, the Illinois legislature passed two laws requiring a total of 16-hours of annual training for Downstate Police and Fire pension trustees, 8-hours more than trustees that sit on other public pension funds. 8-hours of this training was mandated to include the topics of ethics, fiduciary responsibilities, and investments; not 8-hours on each topic as some believed. The type of training for the second 8-hours was decided on by each board as to what was relevant and available to each board.
UPDATE: On December 18, 2019, Governor J.B. Pritzker signed SB 1300, making it Public Act 101-0610. This act will consolidate all Article 3 and 4 pension fund’s investment assets. Under Public Act 101-0610, training requirements have now been reduced from 16-hours of continuing education training to 8-hours for annual renewal. In addition to this, current pension trustees are also now required to obtain 4-hours of transition training regarding this new law. This IPPFA Regional Seminar will satisfy those 8-hours of the required continuing education for pension trustees, however, pension trustees will still need 4-hours of transition training.
Trustees must complete their transition training before the transition takes place (about 30 months as of January 2020).