Bill > SB0672

This bill amends Section 1-110 of the Illinois Pension Code to make a minor technical change regarding prohibited transactions for retirement systems and pension funds. Specifically, the bill modifies language in subsection (a) by simply removing and reinserting the word "the" with no substantive change to the meaning. The bill reinforces existing provisions that prevent fiduciaries (people who manage funds on behalf of others) from engaging in potentially self-serving or conflicts of interest transactions, such as selling or exchanging property, lending money, or providing services at unfair rates. The provisions aim to protect the financial interests of retirement systems by prohibiting fiduciaries from dealing with fund assets for their personal benefit, acting against the fund's interests, or receiving personal compensation from parties dealing with the fund. The bill maintains existing exceptions that allow trustees to receive benefits as participants, get reimbursed for legitimate expenses, and serve in multiple capacities. The changes also continue to specify that violations of certain investment transaction rules can be considered a Class 4 felony, emphasizing the serious nature of potential financial misconduct in public employee pension systems.

Government Affairs

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=672&GAID=18&DocTypeID=SB&SessionID=114&GA=104