SB0441 Summary

• Amends Section 1-110 of the Illinois Pension Code concerning prohibited transactions by fiduciaries of retirement systems and pension funds.

• Makes a technical correction by changing "the the" to "the" in subsection (a) regarding fiduciary obligations.

• Retains existing prohibitions on fiduciaries engaging in self-dealing transactions, conflicts of interest, and transactions involving parties with adverse interests to the pension fund.

• Maintains criminal penalties (Class 4 felony) for violations of subsections (d) and (e) involving fiduciary misconduct with investment advisers.