IL SB1456

Establishes the Pension Board Member Training Act, requiring the Department of Insurance to develop and implement an online training curriculum for all public pension board members in Illinois

Mandates annual training completion for every pension board member, with attendance at regular board meetings explicitly excluded from satisfying this requirement

Training curriculum must cover legal and fiduciary responsibilities, investment strategies, financial management, ethical considerations, actuarial assessments, reporting requirements, and relevant state and federal pension laws

Department of Insurance must create, maintain, and update the curriculum to reflect changes in law and best practices, and provide a system for documenting and tracking training completion

Applies to any governing body, committee, or group responsible for overseeing or managing a pension fund or retirement system for public employees in the state