Bill > HB2118

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. Specifically, the bill removes a redundant "the" in subsection (a), which describes circumstances where a fiduciary cannot engage in certain transactions that might compromise the financial interests of the retirement system or pension fund. The bill maintains the existing provisions that prevent fiduciaries from conducting transactions that could result in financial harm, such as selling or exchanging property at less than fair market value, lending money without proper security, or using fund assets for personal benefit. The legislation continues to prohibit fiduciaries from acting in their own interests, engaging in transactions with adverse parties, or receiving personal compensation from parties dealing with the fund. The bill also preserves exceptions that allow trustees to receive benefits as participants, get reimbursed for legitimate expenses, and serve in multiple capacities. The amendment appears to be a minor technical correction aimed at maintaining the clarity and precision of the existing legal language governing pension fund management.

Government Affairs

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2118&GAID=18&DocTypeID=HB&SessionID=114&GA=104