Illinois HB2115 amends the Illinois Pension Code to prohibit certain prohibited transactions.
Illinois HB2115 amends the Illinois Pension Code to prohibit fiduciaries from causing or advising a retirement system, pension fund, or investment board to engage in investment transactions with investment advisers under certain conditions. Specifically, it prohibits transactions when the fiduciary has a direct interest in the income, gains, or profits of the investment adviser or has a relationship that would result in a pecuniary benefit. Violation of these provisions is a Class 4 felony.
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