Amends the Illinois Pension Code to prohibit certain transactions involving retirement systems, pension funds, or investment boards.
The bill amends the Illinois Pension Code to prohibit fiduciaries from engaging in certain transactions involving retirement systems, pension funds, or investment boards. Specifically, it prohibits fiduciaries from dealing with the assets of these entities in their own interest, lending money without adequate security and reasonable interest, and transferring assets to parties in interest for inadequate consideration.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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