SB1656sam001 96TH GENERAL ASSEMBLY

Sen. Kwame Raoul

Filed: 3/4/2009

09600SB1656sam001 LRB096 08524 AMC 22300 a

AMENDMENT TO SENATE BILL 1656

AMENDMENT NO. ______. Amend Senate Bill 1656 by replacing line 5 on page 35 through line 5 on page 36 with the following:

"(40 ILCS 5/1-113.15 new)

Sec. 1-113.15. Illinois Fiduciary College; trustee training. The University of Illinois shall create and maintain a fiduciary college. This college shall offer continuing education at any of the University of Illinois campuses or other locations established by the University for the sole purpose of educating pension fund, retirement system, and investment board members and staffs on ethics, fiduciary duty, investment issues, and any other curriculum that the University establishes as being important to the administration of a pension system.

It will be mandatory that all board members of any fund created under this Code, except those created under Articles 3 and 4, attend training of at least 8 hours per year at the Illinois Fiduciary College or a similar program at the Certified Public Pension Trustee School at Northern Illinois University. All expenses shall be charged by the University or School to the retirement system as a percentage cost based on the total asset level possessed by the fund. The classes may be open to others at the University's or School's discretion and shall be charged at an hourly rate equal to what the University or School would otherwise charge students for similar class work.

Pension funds established under Article 3 or 4 of this Code may opt to participate in these classes, and in doing so, board members shall fulfill any requirements for training otherwise required by this Code. In establishing the costs paid by these funds, the University or School shall charge the boards a rate based on their size, but may waive this charge at the University's or School's discretion.".