Amends the Illinois Pension Code to clarify prohibited transactions involving investment advisers.
The bill amends the Illinois Pension Code to make a technical change in the Section concerning prohibited transactions. It specifies that a fiduciary shall not knowingly cause or advise a retirement system or pension fund to engage in an investment transaction with an investment adviser if the fiduciary has a direct interest in the income, gains, or profits of the adviser or a business relationship that would result in a pecuniary benefit. Violation of this provision is a Class 4 felony.
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