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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 consolidation 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 consolidation transition training.

Trustees must complete their consolidation transition training before the transition takes place (about 30 months as of January 2020).

IPPFA conferences and seminars are available to non-IPPFA members at additional cost. Save money and join the IPPFA today.
Visit our website, www.ippfa.org/sponsorship/benefits-of-corporate-sponsorship/,or call (630) 784-0406 for more information on membership.

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