IL HB2876

Amends Section 1-145 of the Illinois Pension Code to prohibit retaining solicitors or placement agents to influence investment decisions or procurement of investment services for the Illinois Public Employees' Retirement System (PERS) Board or Oversight Board when compensation is contingent upon the outcome.

Creates two exemptions: (i) solicitors who are registered investment advisers under Section 1-101.4 and comply with federal Investment Advisers Act Rule 206(4)-3, or (ii) placement agents registered as brokers/dealers under the federal Securities and Exchange Act of 1934 or the Illinois Securities Law of 1953.

Establishes penalties of up to $10,000 in fines for violations classified as business offenses.

Prohibits violators from conducting such activities for 3 years following conviction.