Illinois HB0728 amends the Illinois Pension Code to clarify and update prohibited transactions for retirement systems and pension funds.
Illinois HB0728 amends the Illinois Pension Code to update and clarify prohibited transactions for retirement systems and pension funds. The bill specifies that fiduciaries should not engage in transactions that benefit them personally or involve inadequate consideration. It also prohibits lending without adequate security or a reasonable interest rate. Violations of these provisions are classified as Class 4 felonies. The bill aims to protect the interests of participants and beneficiaries by ensuring that transactions are conducted fairly and without personal gain.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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