Bill > HB2117

This bill amends Section 1-110 of the Illinois Pension Code, making a small technical change to the language regarding prohibited transactions for retirement systems and pension funds. The bill clarifies language about fiduciaries' responsibilities when dealing with retirement system assets, maintaining existing restrictions on potential conflicts of interest. Specifically, the bill appears to modify a single word in the introductory clause of the section (replacing "the" with "the"), which seems to be a minor technical correction. The broader context of the law remains unchanged, continuing to prevent fiduciaries from engaging in transactions that could harm the financial interests of the retirement system or pension fund. The law prohibits fiduciaries from conducting transactions that would benefit themselves personally, such as selling or exchanging property at unfair prices, lending money without proper security, or receiving personal gains from transactions involving the fund's assets. The bill reinforces existing ethical guidelines designed to protect the financial integrity of public employee retirement systems by ensuring that those managing the funds act solely in the best interests of the fund's participants and beneficiaries.

Government Affairs

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2117&GAID=18&DocTypeID=HB&SessionID=114&GA=104