97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB5842

 

Introduced 2/16/2012, by Rep. Timothy L. Schmitz

 

SYNOPSIS AS INTRODUCED:
 
40 ILCS 5/1-145

    Amends the General Provisions Article of the Illinois Pension Code. Makes a technical change in a Section concerning contingent fees.


LRB097 20490 EFG 66041 b

PENSION IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB5842LRB097 20490 EFG 66041 b

1    AN ACT concerning public employee benefits.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Pension Code is amended by changing
5Section 1-145 as follows:
 
6    (40 ILCS 5/1-145)
7    Sec. 1-145. Contingent and placement fees prohibited. No
8person or entity shall retain a person or entity to attempt to
9influence the the outcome of an investment decision of or the
10procurement of investment advice or services of a retirement
11system, pension fund, or investment board of this Code for
12compensation, contingent in whole or in part upon the decision
13or procurement. Any person who violates this Section is guilty
14of a business offense and shall be fined not more than $10,000.
15In addition, any person convicted of a violation of this
16Section is prohibited for a period of 3 years from conducting
17such activities.
18(Source: P.A. 96-6, eff. 4-3-09.)