Amends the Illinois Pension Code to clarify and update the definition of prohibited transactions for fiduciaries.
The bill amends the Illinois Pension Code to update the definition of prohibited transactions for fiduciaries. It specifies that fiduciaries cannot cause the retirement system or pension fund to engage in transactions that involve sales, exchanges, leases, or receiving consideration for personal accounts. It also prohibits fiduciaries from engaging in transactions if they have a direct interest in the income, gains, or profits of the investment adviser or if they have a relationship that would result in a pecuniary benefit. Violation of these provisions is a Class 4 felony.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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