HB2112

Amends the Illinois Pension Code to clarify and update prohibited transactions for fiduciaries.

HB2112 amends the Illinois Pension Code by updating the Section concerning prohibited transactions for fiduciaries of retirement systems, pension funds, and investment boards. It specifies that fiduciaries cannot engage in transactions that benefit them personally, including receiving inadequate consideration or excessive security. Violation of these provisions is classified as a Class 4 felony. The bill aims to ensure that fiduciaries act in the best interest of the retirement system or pension fund participants and beneficiaries.