Bill > HB0110

This bill amends the Illinois Pension Code to make a technical change in a section concerning prohibited transactions. Specifically, it clarifies language around the types of transactions that a fiduciary of a retirement system or pension fund is prohibited from engaging in, such as selling property for less than fair value or lending money without adequate security. The bill also prohibits board members, employees, or consultants from causing or advising the retirement system or pension fund to engage in investment transactions with an investment adviser in which they have a direct financial interest or a relationship that would result in a pecuniary benefit. Violations of these provisions are considered Class 4 felonies.