Bill > HB2116

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 removes a redundant "the" from the text in subsection (a), which describes actions that a fiduciary (a person legally responsible for managing funds) cannot take with respect to a retirement system or pension fund. The existing law already prohibits several types of potentially self-serving transactions, such as selling or exchanging property at unfair prices, lending money without proper security, providing services below market value, or transferring assets for insufficient compensation. The bill also maintains provisions preventing fiduciaries from dealing with fund assets for personal benefit, acting against the fund's interests, or receiving personal compensation from parties dealing with the fund. The amendment appears to be a minor technical correction that does not substantially change the substantive legal requirements for managing pension funds, but ensures the language is precise and consistent.

Government Affairs

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2116&GAID=18&DocTypeID=HB&SessionID=114&GA=104