Illinois HB2115 amends the Illinois Pension Code to clarify prohibited transactions for fiduciaries.
Illinois HB2115 amends the Illinois Pension Code by modifying Section 1-110 to clarify the circumstances under which fiduciaries of retirement systems, pension funds, or investment boards may not engage in prohibited transactions. Specifically, it prohibits fiduciaries from causing or advising such entities to engage in transactions if they have a direct interest in the income, gains, or profits of the investment adviser or a relationship that would result in a pecuniary benefit. Violation of these provisions is classified as a Class 4 felony.
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