SB1824 Summary

• Changes fiduciary duty language in Illinois Pension Code Section 1-109 by replacing "prudent man" with "prudent person" to modernize terminology.

• Adds comma to the definition of "municipality" in Section 7-105 for clarification of which entities are included in the Municipal Employees' Annuity and Benefit Fund of Chicago (IMRF).

• Requires all authorized agents appointed after the bill's effective date to complete training on their duties and responsibilities within 3 months of appointment, with training provided online quarterly at no cost (Section 7-135, effective January 1, 2024).

• Adds new subsection (e-5) to Section 7-174 allowing elected trustees to continue serving without disqualification if they move to a different participating employer with no gap in service credit and maintain eligibility for the same trustee position type.

• Makes technical corrections to earnings increase payment provisions in Section 7-172, excluding certain earnings increases from the additional contribution requirements.