Bill > HB2115

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. The bill appears to be making a small grammatical adjustment to the text (removing and reinserting the word "the") in the section describing fiduciary responsibilities. The existing law already establishes comprehensive rules to prevent conflicts of interest and self-dealing by fiduciaries managing retirement systems and pension funds. These rules prohibit fiduciaries from engaging in transactions that could benefit themselves personally at the expense of the retirement system, such as selling or leasing property, lending money, or using fund assets in ways that do not provide adequate consideration or that create conflicts of interest. The bill maintains the existing protections that prevent fiduciaries from dealing with fund assets for their own personal gain, acting against the fund's interests, or receiving personal compensation from parties transacting with the fund. The technical change does not substantively alter the existing legal protections and appears to be a minor clarification of the existing language.

Government Affairs

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2115&GAID=18&DocTypeID=HB&SessionID=114&GA=104