Police and fire pension funds in Illinois are administered by local boards of trustees. Under recently-enacted legislation, all Article 3 and 4 pension fund trustees (those serving municipalities with populations of 500,000 or fewer) must meet annual training requirements. All new board members (those not already serving as of August 13, 2009) must undergo a mandatory 32-hour initial training program (40 ILCS 5/1-109.3). In addition, all Article 3 and 4 pension trustees must complete sixteen hours of continuing trustee education per year, including eight hours of “training on ethics, fiduciary duty, and investment issues and any other curriculum…important for the administration of the…pension fund” (40 ILCS 5/1-113.18).
Northwestern University’s Public Pension Fund Trustee Education Program is designed to meet the statutory training requirements for both new and experienced trustees. New trustees can obtain initial certification by completing all eight modules. Experienced trustees can select four modules to satisfy the sixteen-hour annual continuing education requirements.
The Northwestern University Pension Trustee Education Program is designed to satisfy the State’s education requirements for Article 3 and 4 trustees. Board members seeking to meet initial and continuing certification requirements are encouraged to enroll. Other pension fund trustees in Illinois and other states will also benefit from our program, as will attorneys, accountants, actuaries, and investment advisors who do business with pension funds.
The Pension Trustee Education Programs consists of 8 modules:
Fundamentals of Pension Fund Administration
Pension Fund Trustee Ethics*
Legal Issues in Pension Fund Administration
Accounting for Pension Fund Trustees
Actuarial Issues in Pension Fund Administration
Fixed Income and Equity Investing
Current Topics in Pension Fund Administration
* Covers mandatory ethics, fiduciary duty and investment issues training under 40 ILCS 5/1-113.18.
New board members seeking initial certification should complete all eight modules to satisfy the statutory 32-hour training requirement. Experienced trustees should complete Pension Fund Trustee Ethics, plus any three other modules to satisfy the statutory sixteen-hour continuing education and eight-hour ethics requirements.
Certificate of Completion
Students who successfully complete either the initial certification or continuing education courses will be awarded a Certificate of Completion from the School of Continuing Studies at Northwestern University.
Within three months following the completion of the course, students must complete and return the Certificate Completion form (PDF Format) to the Registration Office on the Chicago Campus.
The School of Continuing Studies works with corporate partners to develop custom Business Analyst programs to meet their specific needs. This program can be held at your company location.
Northwestern University is a preeminent university recognized internationally as a hallmark of academic excellence.
School of Continuing Studies programs provide students with exceptional opportunities for intellectual, professional and personal growth.
SCS instructors bring outstanding academic credentials and relevant professional experience to the classroom to create a highly interactive, collaborative, and challenging learning environment.
SCS students study with peers who have rich, diverse backgrounds and can provide lifelong learning connections.
The Pension Trustee Education Program is held on our Evanston campus (other locations around the state may be added later). Registration information and detailed course descriptions can be found on the course listings page. Schedules, content and prices are subject to change.