Illinois General Assembly - Full Text of SB2090

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Full Text of SB2090 95th General Assembly

Introduced   Engrossed
Senate Amendment 001   Senate Amendment 002
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SB2090sam001 95TH GENERAL ASSEMBLY
Sen. Susan Garrett
Filed: 3/11/2008

09500SB2090sam001 LRB095 19185 AMC 48124 a

1 AMENDMENT TO SENATE BILL 2090
2     AMENDMENT NO. ______. Amend Senate Bill 2090 by replacing
3 everything after the enacting clause with the following:

4     "Section 5. The Illinois Pension Code is amended by
5 changing Section 1-110 as follows:

6     (40 ILCS 5/1-110)  (from Ch. 108 1/2, par. 1-110)
7     Sec. 1-110. Prohibited Transactions.
8     (a) A fiduciary with respect to a retirement system or
9 pension fund shall not causethe ~~the~~ retirement system or
10 pension fund to engage in a transaction if he or she knows or
11 should know that such transaction constitutes a direct or
12 indirect:
13         (1) Sale or exchange, or leasing of any property from
14     the retirement system or pension fund to a party in
15     interest for less than adequate consideration, or from a
16     party in interest to a retirement system or pension fund

09500SB2090sam001 - 2 - LRB095 19185 AMC 48124 a

1     for more than adequate consideration.
2         (2) Lending of money or other extension of credit from
3     the retirement system or pension fund to a party in
4     interest without the receipt of adequate security and a
5     reasonable rate of interest, or from a party in interest to
6     a retirement system or pension fund with the provision of
7     excessive security or an unreasonably high rate of
8     interest.
9         (3) Furnishing of goods, services or facilities from
10     the retirement system or pension fund to a party in
11     interest for less than adequate consideration, or from a
12     party in interest to a retirement system or pension fund
13     for more than adequate consideration.
14         (4) Transfer to, or use by or for the benefit of, a
15     party in interest of any assets of a retirement system or
16     pension fund for less than adequate consideration.
17     (b) A fiduciary with respect to a retirement system or
18 pension fund established under this Code shall not:
19         (1) Deal with the assets of the retirement system or
20     pension fund in his own interest or for his own account;
21         (2) In his individual or any other capacity act in any
22     transaction involving the retirement system or pension
23     fund on behalf of a party whose interests are adverse to
24     the interests of the retirement system or pension fund or
25     the interests of its participants or beneficiaries; or
26         (3) Receive any consideration for his own personal

09500SB2090sam001 - 3 - LRB095 19185 AMC 48124 a

1     account from any party dealing with the retirement system
2     or pension fund in connection with a transaction involving
3     the assets of the retirement system or pension fund.
4     (c) Nothing in this Section shall be construed to prohibit
5 any trustee from:
6         (1) Receiving any benefit to which he may be entitled
7     as a participant or beneficiary in the retirement system or
8     pension fund.
9         (2) Receiving any reimbursement of expenses properly
10     and actually incurred in the performance of his duties with
11     the retirement system or pension fund.
12         (3) Serving as a trustee in addition to being an
13     officer, employee, agent or other representative of a party
14     in interest.
15 (Source: P.A. 88-535.)".

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