HB2116

Illinois HB2116 amends the Illinois Pension Code to clarify prohibited transactions involving investment advisers.

Illinois HB2116 amends the Illinois Pension Code to clarify and update the rules around prohibited transactions involving investment advisers. Specifically, it prohibits fiduciaries from causing a retirement system, pension fund, or investment board to engage in an investment transaction with an investment adviser if the fiduciary has a direct interest in the adviser's income, gains, or profits, or if the adviser has a business relationship that would result in a pecuniary benefit to the fiduciary. Violation of these provisions is classified as a Class 4 felony.