Amends the Illinois Pension Code to clarify prohibited transactions for fiduciaries of retirement systems and pension funds.
The bill amends the Illinois Pension Code to clarify and expand the list of prohibited transactions for fiduciaries of retirement systems and pension funds. It specifies that fiduciaries cannot engage in transactions that would result in personal financial gain or conflict of interest. Violations are classified as Class 4 felonies. The changes aim to protect the interests of participants and beneficiaries by ensuring that fiduciaries act in the best interest of the retirement system or pension fund.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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