Bill > SB1063

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 be making a minor grammatical change in subsection (a), removing and reinserting the word "the" without substantive alteration. The existing law prohibits fiduciaries (trustees or managers) from engaging in various potentially self-dealing or conflicting transactions, such as selling or exchanging property, lending money, or transferring assets under unfair terms with parties of interest. The law also prevents fiduciaries from acting in their own interests, participating in transactions adverse to the fund's interests, or receiving personal compensation from parties dealing with the fund. The bill maintains existing protections that allow trustees to receive benefits as fund participants, get reimbursed for legitimate expenses, and serve in multiple capacities. Additionally, the law includes provisions preventing fiduciaries from knowingly engaging in investment transactions where they have a direct financial interest or potential pecuniary benefit, with violations considered a Class 4 felony. The technical nature of the amendment suggests the change is primarily to clarify or clean up language rather than substantially alter the law's existing provisions.

Government Affairs

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1063&GAID=18&DocTypeID=SB&SessionID=114&GA=104