Amends the Illinois Pension Code to clarify and update prohibited transactions for fiduciaries.
The bill amends the Illinois Pension Code to update and clarify the list of prohibited transactions for fiduciaries of retirement systems, pension funds, and investment boards. It specifies that fiduciaries should not engage in transactions that involve excessive security, unreasonably high rates of interest, or the transfer of assets for inadequate consideration. The bill also adds a new provision to prevent fiduciaries from causing or advising transactions with investment advisers if they have a direct interest in the adviser's income or gains.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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