Bill > SB0673

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 appears to make a minor grammatical change by removing and reinserting the word "the" in the opening subsection (a), which describes restrictions on fiduciaries' actions. The existing law already prohibits fiduciaries from engaging in transactions that could create conflicts of interest, such as selling or exchanging property, lending money, or transferring assets under unfair terms. The bill maintains the existing provisions that prevent fiduciaries from dealing with retirement system assets for their own personal benefit, acting against the interests of the retirement system or its participants, or receiving personal compensation from parties dealing with the fund. The law continues to include exceptions that allow trustees to receive benefits as participants, get reimbursed for legitimate expenses, and serve in multiple capacities. The bill also preserves existing provisions that make it a Class 4 felony for pension fund fiduciaries to engage in investment transactions where they have a direct financial interest or potential pecuniary benefit from the investment adviser.

Government Affairs

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=673&GAID=18&DocTypeID=SB&SessionID=114&GA=104