Bill > HB2113

This bill amends Section 1-110 of the Illinois Pension Code, making a minor technical change to the language describing prohibited transactions for fiduciaries of retirement systems and pension funds. Specifically, the bill removes the redundant word "the" in a subsection describing actions a fiduciary should not take. The bill maintains the existing comprehensive provisions that prevent fiduciaries from engaging in self-dealing or conflicts of interest, such as selling, exchanging, or leasing property to or from parties of interest at unfair prices, lending money without proper security, or using fund assets for personal benefit. The legislation continues to prohibit fiduciaries from acting in their own interest, participating in transactions adverse to the fund's interests, or receiving personal compensation from parties dealing with the fund. The bill also preserves existing exceptions that allow trustees to receive benefits as fund participants, get reimbursed for legitimate expenses, and serve in multiple capacities. Additionally, the bill maintains penalties for violations, including classifying certain conflicts of interest as a Class 4 felony, which underscores the serious nature of potential misuse of pension fund resources.

Government Affairs

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2113&GAID=18&DocTypeID=HB&SessionID=114&GA=104