Illinois SB0673 amends the Illinois Pension Code to prohibit certain investment transactions by fiduciaries and board members.
Illinois SB0673 amends the Illinois Pension Code to prohibit fiduciaries from engaging in certain transactions involving retirement systems, pension funds, or investment boards. Specifically, it prohibits fiduciaries from causing or advising these entities to engage in transactions that would result in a pecuniary benefit to themselves or their spouses. The bill also prohibits fiduciaries from dealing with the assets of these entities in their own interest or for their own account. Violation of these provisions is a Class 4 felony.
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