IL HB1765

Requires the Municipal Employees', Officers', and Officials' Annuity and Benefit Fund to indemnify and protect trustees, staff, and consultants against all damage claims and suits for negligent or wrongful acts committed within the scope of employment or under trustees' direction.

Excludes indemnification coverage for willful misconduct or gross negligence by trustees, staff, and consultants.

Authorizes the pension fund board to purchase insurance coverage for loss or liability of trustees, staff, and consultants resulting from damage claims, with policies issued by state-licensed insurance companies.

Amends the State Mandates Act to exempt this legislation from requiring state reimbursement for implementation.

Takes effect immediately upon becoming law.