Bill > HB1249

This bill amends the Illinois Pension Code by making a technical change to Section 1-110, which governs prohibited transactions for retirement systems and pension funds. The bill primarily modifies language related to fiduciary responsibilities and potential conflicts of interest. Specifically, the bill makes a minor textual adjustment to the introductory clause of subsection (a), removing and reinserting the word "the" without substantive change. The bill maintains the existing provisions that prevent fiduciaries from engaging in transactions that could harm the retirement system or pension fund, such as selling or exchanging property at unfair prices, making loans without proper security, or using fund assets for personal benefit. It continues to prohibit fiduciaries from dealing with fund assets in their own interest, acting against the fund's interests, or receiving personal compensation from parties dealing with the fund. The bill also preserves existing exceptions that allow trustees to receive benefits as participants, get reimbursed for legitimate expenses, and serve in multiple capacities. The technical nature of the amendment suggests it is primarily a clarification or correction of existing language rather than a significant policy change.