Amends the Illinois Pension Code to clarify prohibited transactions for fiduciaries.
HB1249 amends the Illinois Pension Code to update the Section on prohibited transactions. It specifies that fiduciaries cannot engage in transactions that benefit them personally or involve conflicts of interest. Violation of these provisions is a Class 4 felony. The bill aims to ensure that fiduciaries act in the best interest of the retirement system or pension fund.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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