Sen. Kwame Raoul
Filed: 3/4/2009
 
 

 




 

 		












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AMENDMENT TO SENATE BILL 1656 




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


 
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    "(40 ILCS 5/1-113.15 new)

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    Sec. 1-113.15. Illinois Fiduciary College; trustee 
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training. The University of Illinois shall create and maintain 
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a fiduciary college.  This college shall offer continuing 
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education at any of the University of Illinois campuses or 
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other locations established by the University for the sole 
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purpose of educating pension fund, retirement system, and 
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investment board members and staffs on ethics, fiduciary duty, 
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investment issues, and any other curriculum that the University 
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establishes as being important to the administration of a 
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pension system.
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    It will be mandatory that all board members of any fund 
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created under this Code, except those created under Articles 3 
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and 4, attend training of at least 8 hours per year at the 
 


 






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Illinois Fiduciary College or a similar program at the 
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Certified Public Pension Trustee School at Northern Illinois 
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University.  All expenses shall be charged by the University or 
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School to the retirement system as a percentage cost based on 
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the total asset level possessed by the fund.  The classes may be 
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open to others at the University's or School's discretion and 
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shall be charged at an hourly rate equal to what the University 
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or School would otherwise charge students for similar class 
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work.
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    Pension funds established under Article 3 or 4 of this Code 
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may opt to participate in these classes, and in doing so, board 
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members shall fulfill any requirements for training otherwise 
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required by this Code.  In establishing the costs paid by these 
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funds, the University or School shall charge the boards a rate 
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based on their size, but may waive this charge at the 
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University's or School's discretion.".