Bill > HB4547

This bill makes a technical change to the Illinois Pension Code by amending Section 1-110, which concerns prohibited transactions. The bill clarifies the language around the existing restrictions on fiduciaries from engaging in transactions that could constitute a conflict of interest or provide improper benefits to parties involved with the retirement system or pension fund. The bill also adds provisions related to investments, prohibiting board members, employees, or consultants from knowingly causing or advising the retirement system, pension fund, or investment board to engage in investment transactions with an investment adviser in which they or their spouse have a direct financial interest.