IL SB3747

Requires trustees of Illinois pension funds and retirement systems to complete a minimum of 2 hours of continuing education on fiduciary duties, investment policies, and investment sustainability within 6 months of becoming a trustee and every 3 years thereafter.

Applies to trustees serving on boards of Chicago Police, Chicago Firefighter, Illinois Municipal Retirement Fund (IMRF), Chicago Municipal, Cook County, Chicago Laborers, Chicago Park District, Metropolitan Water Reclamation District, State Universities, Downstate Teachers, Chicago Teachers, and other specified pension funds.

Requires existing trustees to complete the training within 6 months of the Act's effective date, then every 3 years thereafter.

Training must cover requirements and obligations under specified sections of the Illinois Pension Code concerning fiduciary duties, investment policies, and investment sustainability.

Becomes effective immediately upon enactment.