Bill > HB2112

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 addresses the ethical and legal responsibilities of fiduciaries managing pension funds, specifically focusing on preventing conflicts of interest and self-dealing. The proposed change involves a small grammatical adjustment in the introductory language of subsection (a), removing and reinserting the word "the" without substantively altering the meaning. The bill maintains existing provisions that prohibit fiduciaries from engaging in transactions that could potentially harm the retirement system, such as selling or exchanging property at unfair prices, lending money without proper security, or using fund assets for personal benefit. It continues to outline specific restrictions on fiduciaries, including prohibitions against acting in their own interest, engaging in transactions adverse to the fund's interests, or receiving personal benefits from parties dealing with the fund. The bill preserves exceptions that allow trustees to receive benefits as participants, get reimbursed for legitimate expenses, and serve in multiple capacities, while maintaining strict penalties for violations, including potential Class 4 felony charges for certain improper investment transactions.

Government Affairs

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2112&GAID=18&DocTypeID=HB&SessionID=114&GA=104