New Legislation Adds Ethics Training for Police and Fire Pension Board Trustees
The Legislature recently enacted legislation which added a section to the Illinois Pension Code. Specifically, section 1-113.18 of the Illinois Pension Code requires that Pension Board Trustees complete 8 hours per year of ethics training that is certified by the Supreme Court of Illinois. Board members will be required to annually certify to the Division of Insurance of the Department of Financial and Professional Regulation that he or she has completed the ethics training. Ethics training will include fiduciary responsibility and investment issues among other things. The full statutory amendment can be found in the Illinois Pension Code, 40 ILCS 5/1-113.8.
