Amends the Illinois Pension Code to clarify prohibited transactions for fiduciaries.
The bill amends the Illinois Pension Code to clarify the prohibited transactions for fiduciaries of retirement systems, pension funds, and investment boards. Specifically, it prohibits fiduciaries from engaging in transactions that provide them with a pecuniary benefit or from dealing with the assets of the retirement system or pension fund in their own interest. Violation of these provisions is a Class 4 felony. The changes aim to ensure that fiduciaries act in the best interests of the retirement system or pension fund and its participants or beneficiaries.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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