IL HB6117

Requires the University of Illinois to create and maintain a fiduciary college offering continuing education on ethics, fiduciary duty, investment issues, and pension system administration at its campuses or other designated locations.

Makes annual training of at least 8 hours at the Illinois Fiduciary College mandatory for all board members of pension funds created under the Illinois Pension Code, except those established under Articles 3 and 4 (Downstate Police and Fire Articles).

Allows Downstate Police and Fire pension funds to voluntarily participate in the college's classes, with such training fulfilling any other training requirements under the Code.

Charges all training expenses to retirement systems as a percentage cost based on the fund's total asset level, with costs for optional participants determined by board size and subject to waiver at the University's discretion.

Takes effect immediately upon becoming law.