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IL HB5842
Bill
Status
Failed
1/8/2013
Primary Sponsor
Timothy Schmitz
Click for details
AI Summary
- Amends Section 1-145 of the Illinois Pension Code regarding contingent and placement fees.
- Removes duplicate language by striking one instance of the word "the" in the section text.
- Prohibits retention of persons or entities to influence investment decisions or procurement of investment advice for pension systems, funds, or investment boards if compensation is contingent upon the outcome.
- Establishes violation as a business offense with a maximum fine of $10,000 and a 3-year prohibition from conducting such activities.
Legislative Description
PUBLIC EMPLOYEE BENEFITS-TECH
Last Action
Session Sine Die
1/8/2013
Committee Referrals
Rules2/16/2012
Full Bill Text
No bill text available