HB5842 97TH GENERAL ASSEMBLY

LRB097 20490 EFG 66041 b

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.

PENSION IMPACT NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning public employee benefits.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Pension Code is amended by changing Section 1-145 as follows:

(40 ILCS 5/1-145)

Sec. 1-145. Contingent and placement fees prohibited. No person or entity shall retain a person or entity to attempt to influence the the outcome of an investment decision of or the procurement of investment advice or services of a retirement system, pension fund, or investment board of this Code for compensation, contingent in whole or in part upon the decision or procurement. Any person who violates this Section is guilty of a business offense and shall be fined not more than $10,000. In addition, any person convicted of a violation of this Section is prohibited for a period of 3 years from conducting such activities.

(Source: P.A. 96-6, eff. 4-3-09.)