Bill > HB1429

This bill makes a technical change to the Illinois Pension Code by amending Section 1-110, which outlines prohibited transactions for fiduciaries of retirement systems, pension funds, or investment boards. The key provisions include prohibiting fiduciaries from engaging in transactions that constitute a direct or indirect sale, exchange, lending, or furnishing of goods, services, or facilities for less than adequate consideration. Additionally, the bill prohibits fiduciaries from dealing with the assets of the retirement system or pension fund in their own interest or on behalf of a party with adverse interests, and from receiving personal consideration from any party dealing with the retirement system or pension fund.