Illinois General Assembly - Illinois Compiled Statutes

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40 ILCS 5/1-114

(40 ILCS 5/1-114) (from Ch. 108 1/2, par. 1-114)

Sec. 1-114. Liability for Breach of Fiduciary Duty.

(a) Any person who is a fiduciary with respect to a retirement system or
pension fund established under this Code who breaches any duty
imposed upon fiduciaries by this Code, including, but not limited to, a failure to report a reasonable suspicion of a false statement specified in Section 1-135 of this Code, shall be personally liable to make
good to such retirement system or pension fund any losses to it resulting
from each such breach, and to restore to such retirement system or pension
fund any profits of such fiduciary which have been made through use of assets
of the retirement system or pension fund by the fiduciary, and shall be
subject to such equitable or remedial relief as the court may deem appropriate,
including the removal of such fiduciary.

(b) No person shall be liable with respect to a breach of fiduciary duty
under this Code if such breach occurred before such person became a fiduciary
or after such person ceased to be a fiduciary.

(Source: P.A. 97-651, eff. 1-5-12.)