Bill > HB0727

This bill makes a technical amendment to Section 1-110 of the Illinois Pension Code, which governs prohibited transactions for retirement systems and pension funds. The bill involves a minor linguistic change in the opening paragraph of the section, replacing a duplicative "the" with a single instance. The bill maintains the existing provisions that prohibit fiduciaries from engaging in self-dealing or conflicts of interest with retirement system assets. These provisions include preventing fiduciaries from selling or exchanging property at unfair prices, lending money without proper security, providing goods or services at inadequate compensation, or transferring assets for less than their fair value. The bill also preserves existing rules that prevent fiduciaries from acting in their own interest, engaging in transactions adverse to the fund's interests, or receiving personal compensation from parties dealing with the retirement system. The legislation ensures that trustees can still receive benefits as participants, get reimbursed for legitimate expenses, and serve in multiple capacities, while maintaining strict ethical standards for managing pension funds. The changes appear to be primarily technical in nature and do not substantively alter the existing legal framework for pension fund management.

Government Affairs

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=727&GAID=18&DocTypeID=HB&SessionID=114&GA=104