Bill > HB3683

This bill makes a technical change to the Illinois Pension Code by amending Section 1-110, which governs prohibited transactions for fiduciaries of retirement systems, pension funds, or investment boards. The changes clarify that fiduciaries are prohibited from engaging in transactions that constitute a direct or indirect sale, exchange, lending, or transfer of assets to or from a party with an interest in the retirement system, unless the terms of the transaction are fair and reasonable. The bill also prohibits fiduciaries from dealing with the system's assets for their own benefit or on behalf of parties with adverse interests. Violations of these provisions are punishable as Class 4 felonies.