Illinois 2025-2026 Regular Session

Illinois House Bill HB0727 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB0727 Introduced , by Rep. Emanuel "Chris" Welch SYNOPSIS AS INTRODUCED: 40 ILCS 5/1-110 from Ch. 108 1/2, par. 1-110 Amends the Illinois Pension Code. Makes a technical change in a Section concerning prohibited transactions. LRB104 04620 RPS 14647 b A BILL FOR 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB0727 Introduced , by Rep. Emanuel "Chris" Welch SYNOPSIS AS INTRODUCED: 40 ILCS 5/1-110 from Ch. 108 1/2, par. 1-110 40 ILCS 5/1-110 from Ch. 108 1/2, par. 1-110 Amends the Illinois Pension Code. Makes a technical change in a Section concerning prohibited transactions. LRB104 04620 RPS 14647 b LRB104 04620 RPS 14647 b A BILL FOR
2	2	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB0727 Introduced , by Rep. Emanuel "Chris" Welch SYNOPSIS AS INTRODUCED:
3	3	40 ILCS 5/1-110 from Ch. 108 1/2, par. 1-110 40 ILCS 5/1-110 from Ch. 108 1/2, par. 1-110
4	4	40 ILCS 5/1-110 from Ch. 108 1/2, par. 1-110
5	5	Amends the Illinois Pension Code. Makes a technical change in a Section concerning prohibited transactions.
6	6	LRB104 04620 RPS 14647 b LRB104 04620 RPS 14647 b
7	7	LRB104 04620 RPS 14647 b
8	8	A BILL FOR
9	9	HB0727LRB104 04620 RPS 14647 b HB0727 LRB104 04620 RPS 14647 b
10	10	HB0727 LRB104 04620 RPS 14647 b
11	11	1 AN ACT concerning public employee benefits.
12	12	2 Be it enacted by the People of the State of Illinois,
13	13	3 represented in the General Assembly:
14	14	4 Section 5. The Illinois Pension Code is amended by
15	15	5 changing Section 1-110 as follows:
16	16	6 (40 ILCS 5/1-110) (from Ch. 108 1/2, par. 1-110)
17	17	7 Sec. 1-110. Prohibited Transactions.
18	18	8 (a) A fiduciary with respect to a retirement system,
19	19	9 pension fund, or investment board shall not cause the the
20	20	10 retirement system or pension fund to engage in a transaction
21	21	11 if he or she knows or should know that such transaction
22	22	12 constitutes a direct or indirect:
23	23	13 (1) Sale or exchange, or leasing of any property from
24	24	14 the retirement system or pension fund to a party in
25	25	15 interest for less than adequate consideration, or from a
26	26	16 party in interest to a retirement system or pension fund
27	27	17 for more than adequate consideration.
28	28	18 (2) Lending of money or other extension of credit from
29	29	19 the retirement system or pension fund to a party in
30	30	20 interest without the receipt of adequate security and a
31	31	21 reasonable rate of interest, or from a party in interest
32	32	22 to a retirement system or pension fund with the provision
33	33	23 of excessive security or an unreasonably high rate of
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37	37	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB0727 Introduced , by Rep. Emanuel "Chris" Welch SYNOPSIS AS INTRODUCED:
38	38	40 ILCS 5/1-110 from Ch. 108 1/2, par. 1-110 40 ILCS 5/1-110 from Ch. 108 1/2, par. 1-110
39	39	40 ILCS 5/1-110 from Ch. 108 1/2, par. 1-110
40	40	Amends the Illinois Pension Code. Makes a technical change in a Section concerning prohibited transactions.
41	41	LRB104 04620 RPS 14647 b LRB104 04620 RPS 14647 b
42	42	LRB104 04620 RPS 14647 b
43	43	A BILL FOR
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49	49	40 ILCS 5/1-110 from Ch. 108 1/2, par. 1-110
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68	68	1 interest.
69	69	2 (3) Furnishing of goods, services or facilities from
70	70	3 the retirement system or pension fund to a party in
71	71	4 interest for less than adequate consideration, or from a
72	72	5 party in interest to a retirement system or pension fund
73	73	6 for more than adequate consideration.
74	74	7 (4) Transfer to, or use by or for the benefit of, a
75	75	8 party in interest of any assets of a retirement system or
76	76	9 pension fund for less than adequate consideration.
77	77	10 (b) A fiduciary with respect to a retirement system or
78	78	11 pension fund established under this Code shall not:
79	79	12 (1) Deal with the assets of the retirement system or
80	80	13 pension fund in his own interest or for his own account;
81	81	14 (2) In his individual or any other capacity act in any
82	82	15 transaction involving the retirement system or pension
83	83	16 fund on behalf of a party whose interests are adverse to
84	84	17 the interests of the retirement system or pension fund or
85	85	18 the interests of its participants or beneficiaries; or
86	86	19 (3) Receive any consideration for his own personal
87	87	20 account from any party dealing with the retirement system
88	88	21 or pension fund in connection with a transaction involving
89	89	22 the assets of the retirement system or pension fund.
90	90	23 (c) Nothing in this Section shall be construed to prohibit
91	91	24 any trustee from:
92	92	25 (1) Receiving any benefit to which he may be entitled
93	93	26 as a participant or beneficiary in the retirement system
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104	104	1 or pension fund.
105	105	2 (2) Receiving any reimbursement of expenses properly
106	106	3 and actually incurred in the performance of his duties
107	107	4 with the retirement system or pension fund.
108	108	5 (3) Serving as a trustee in addition to being an
109	109	6 officer, employee, agent or other representative of a
110	110	7 party in interest.
111	111	8 (d) A fiduciary of a pension fund established under
112	112	9 Article 3 or 4 shall not knowingly cause or advise the pension
113	113	10 fund to engage in an investment transaction when the fiduciary
114	114	11 (i) has any direct interest in the income, gains, or profits of
115	115	12 the investment adviser through which the investment
116	116	13 transaction is made or (ii) has a business relationship with
117	117	14 that investment adviser that would result in a pecuniary
118	118	15 benefit to the fiduciary as a result of the investment
119	119	16 transaction.
120	120	17 Violation of this subsection (d) is a Class 4 felony.
121	121	18 (e) A board member, employee, or consultant with respect
122	122	19 to a retirement system, pension fund, or investment board
123	123	20 subject to this Code, except those whose investments are
124	124	21 restricted by Section 1-113.2, shall not knowingly cause or
125	125	22 advise the retirement system, pension fund, or investment
126	126	23 board to engage in an investment transaction with an
127	127	24 investment adviser when the board member, employee,
128	128	25 consultant, or their spouse (i) has any direct interest in the
129	129	26 income, gains, or profits of the investment adviser through
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