Bill > HB0728

This bill amends Section 1-110 of the Illinois Pension Code, making a minor technical change to the language regarding prohibited transactions for retirement systems and pension funds. The bill modifies the existing text by removing and inserting the word "the" in a subsection describing how fiduciaries must avoid transactions that could potentially harm the financial interests of the retirement system or pension fund. The bill reinforces existing rules that prevent fiduciaries from engaging in self-dealing or conflicts of interest, such as conducting transactions that would personally benefit them at the expense of the fund. Specifically, the bill maintains provisions that prohibit fiduciaries from selling or exchanging property, lending money, or providing services under unfair terms, and from using fund assets for their own benefit. The bill also continues to outline exceptions that allow trustees to receive benefits as fund participants, get reimbursed for legitimate expenses, and serve in multiple capacities, while maintaining strict guidelines against potential financial improprieties. The technical change appears to be a minor grammatical adjustment rather than a substantive alteration of the existing legal framework.

Government Affairs

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=728&GAID=18&DocTypeID=HB&SessionID=114&GA=104