Illinois General Assembly - Illinois Compiled Statutes

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40 ILCS 5/1-109

(40 ILCS 5/1-109) (from Ch. 108 1/2, par. 1-109)

Sec. 1-109. Duties of fiduciaries.

A fiduciary with
respect to a retirement system or pension fund established
under this Code shall discharge his or her duties with respect to the
retirement system or pension fund solely in the interest of the participants
and beneficiaries and:

(a) for the exclusive purpose of:

(1) providing benefits to participants and their

beneficiaries; and

(2) defraying reasonable expenses of

administering the retirement system or pension fund;

(b) with the care, skill, prudence and diligence

under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character with like aims;

(c) by diversifying the investments of the retirement

system or pension fund so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so; and

(d) in accordance with the provisions of the Article

of this Code governing the retirement system or pension fund.

(Source: P.A. 102-558, eff. 8-20-21; 103-464, eff. 8-4-23.)