SB1063 amends the Illinois Pension Code to clarify and update the definition of prohibited transactions for fiduciaries of retirement systems and.
SB1063 amends the Illinois Pension Code by updating the definition of prohibited transactions for fiduciaries of retirement systems and pension funds. The bill specifies that fiduciaries cannot engage in transactions that benefit them personally or involve conflicts of interest. It also prohibits fiduciaries from dealing with assets in their own interest or for their own account. Violation of these provisions is classified as a Class 4 felony. The changes aim to ensure transparency and integrity in the management of public employee retirement systems and pension funds.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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