Amends the Illinois Pension Code to clarify and update prohibited transactions for retirement systems and pension funds.
The bill amends the Illinois Pension Code by updating the Section concerning prohibited transactions for retirement systems and pension funds. It specifies that fiduciaries should not engage in transactions that involve excessive security, unreasonably high rates of interest, or inadequate consideration. The bill also clarifies that fiduciaries should not benefit personally from transactions involving the assets of the retirement system or pension fund. 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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