PUBLIC EMPLOYEE BENEFITS-TECH

Illinois General Assembly - Full Text of HB2115

Select Language

×

The Illinois General Assembly offers the Google Translate™ service for visitor convenience. In no way should it be considered accurate as to the translation of any content herein.

Visitors of the Illinois General Assembly website are encouraged to use other translation services available on the internet.

The English language version is always the official and authoritative version of this website.

NOTE: To return to the original English language version, select the "Show Original" button on the Google Translate™ menu bar at the top of the window.

Choose Language

English

Afrikaans

Albanian

Arabic

Armenian

Azerbaijani

Basque

Bengali

Bosnian

Catalan

Croatian

Czech

Danish

Dutch

Esperanto

Estonian

Filipino

Finnish

French

Galician

Georgian

German

Greek

Gujarati

Haitian Creole

Hausa

Hawaiian

Hebrew

Hindi

Hungarian

Icelandic

Indonesian

Interlingua

Interlingue

Inuktitut

Irish

Italian

Japanese

Javanese

Kannada

Khmer

Korean

Latin

Latvian

Lithuanian

Luxembourgish

Macedonian

Malagasy

Malayalam

Maltese

Maori

Marathi

Myanmar

Nepali

Norwegian

Odia

Pashto

Punjabi

Romanian

Russian

Samoan

Sango

Sanskrit

Sardinian

Sindhi

Sinhala

Slovak

Slovenian

Somali

Southern Sotho

Spanish

Sundanese

Swahili

Swedish

Tamil

Telugu

Thai

Tigrinya

Tonga

Turkish

Ukrainian

Urdu

Vietnamese

Welsh

Xhosa

Yiddish

Yoruba

Zulu

Powered by
Translate

Close

Illinois General Assembly

Top Navigation Bar

Translate

Learn

Select General Assembly

Search the 104th General Assembly

Enter search terms for legislation, members, committees, or schedules.

ILGA.GOV

LEGISLATION & LAWS

Bills & Resolutions

Public Acts

Illinois Compiled Statutes

Illinois Constitution

Search Legislation

Glossary

Guide

Reports & Inquiry

Legislative Reports

Special Reports

FTP Site

Legislator Lookup

Capitol Complex Phone Numbers

Rules & Regulations

Illinois Register

Administrative Rules

Senate

Members

Schedules

Committees

Request for Remote Testimony

Journals

Transcripts

Rules

Audio/Video

FOIA Information

Senate Employment Opportunities

Media Guidelines

House

Members

Schedules

Committees

Submit testimony for House Committees

Journals

Transcripts

Rules

Audio/Video

FOIA Information

House Employment Opportunities

Log In

Mobile Top Bar

Search the 104th General Assembly

Enter keywords to search the Illinois General Assembly website.

Full Text of HB2115

Home

Legislation

Full Text

HB2115 - 104th General Assembly

Bill Status

Full Text

Votes

Witness Slips

Select Menu

Bill Status

Full Text

Votes

Witness Slips

Printer Friendly Version

Introduced

Printer Friendly Version

Introduced

Open PDF

104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
HB2115

Introduced 2/4/2025, by Rep. Tony M. McCombie

SYNOPSIS AS INTRODUCED:

40 ILCS 5/1-110

from Ch. 108 1/2, par. 1-110

Amends the Illinois Pension Code. Makes a technical change in a
Section concerning prohibited transactions.
LRB104 11582 RPS 21671 b

A BILL FOR

HB2115
LRB104 11582 RPS 21671 b
1

AN ACT concerning public employee benefits.

2

Be it enacted by the People of the State of Illinois,
3
represented in the General Assembly:

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,
9
pension fund, or investment board shall not cause
the

the

10
retirement system or pension fund to engage in a transaction
11
if he or she knows or should know that such transaction
12
constitutes a direct or 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
17

for more than adequate consideration.

18

(2) Lending of money or other extension of credit from
19

the retirement system or pension fund to a party in
20

interest without the receipt of adequate security and a
21

reasonable rate of interest, or from a party in interest
22

to a retirement system or pension fund with the provision
23

of excessive security or an unreasonably high rate of

HB2115
- 2 -
LRB104 11582 RPS 21671 b
1

interest.

2

(3) Furnishing of goods, services or facilities from
3

the retirement system or pension fund to a party in
4

interest for less than adequate consideration, or from a
5

party in interest to a retirement system or pension fund
6

for more than adequate consideration.

7

(4) Transfer to, or use by or for the benefit of, a
8

party in interest of any assets of a retirement system or
9

pension fund for less than adequate consideration.
10

(b) A fiduciary with respect to a retirement system or
11
pension fund established under this Code shall not:

12

(1) Deal with the assets of the retirement system or
13

pension fund in his own interest or for his own account;

14

(2) In his individual or any other capacity act in any
15

transaction involving the retirement system or pension
16

fund on behalf of a party whose interests are adverse to
17

the interests of the retirement system or pension fund or
18

the interests of its participants or beneficiaries; or

19

(3) Receive any consideration for his own personal
20

account from any party dealing with the retirement system
21

or pension fund in connection with a transaction involving
22

the assets of the retirement system or pension fund.
23

(c) Nothing in this Section shall be construed to prohibit
24
any trustee from:

25

(1) Receiving any benefit to which he may be entitled
26

as a participant or beneficiary in the retirement system

HB2115
- 3 -
LRB104 11582 RPS 21671 b
1

or pension fund.

2

(2) Receiving any reimbursement of expenses properly
3

and actually incurred in the performance of his duties
4

with the retirement system or pension fund.

5

(3) Serving as a trustee in addition to being an
6

officer, employee, agent or other representative of a
7

party in interest.
8

(d) A fiduciary of a pension fund established under
9
Article 3 or 4 shall not knowingly cause or advise the pension
10
fund to engage in an investment transaction when the fiduciary
11
(i) has any direct interest in the income, gains, or profits of
12
the investment adviser through which the investment
13
transaction is made or (ii) has a business relationship with
14
that investment adviser that would result in a pecuniary
15
benefit to the fiduciary as a result of the investment
16
transaction.
17

Violation of this subsection (d) is a Class 4 felony.
18

(e) A board member, employee, or consultant with respect
19
to a retirement system, pension fund, or investment board
20
subject to this Code, except those whose investments are
21
restricted by Section 1-113.2, shall not knowingly cause or
22
advise the retirement system, pension fund, or investment
23
board to engage in an investment transaction with an
24
investment adviser when the board member, employee,
25
consultant, or their spouse (i) has any direct interest in the
26
income, gains, or profits of the investment adviser through

HB2115
- 4 -
LRB104 11582 RPS 21671 b
1
which the investment transaction is made or (ii) has a
2
relationship with that investment adviser that would result in
3
a pecuniary benefit to the board member, employee, or
4
consultant or spouse of such board member, employee, or
5
consultant as a result of the investment transaction. For
6
purposes of this subsection (e), a consultant includes an
7
employee or agent of a consulting firm who has greater than
8
7.5% ownership of the consulting firm.
9

Violation of this subsection (e) is a Class 4 felony.
10
(Source: P.A. 95-950, eff. 8-29-08; 96-6, eff. 4-3-09.)

Footer

Disclaimer

This site is maintained for the Illinois General Assembly by the
Legislative Information System, 705 Stratton Building, Springfield, Illinois 62706.

Contact ILGA Webmaster

ILGA.gov uses cookies to ensure you get the best experience on our website. By continuing to browse ILGA.gov you consent to our use of cookies.
Read About Cookies

ILGA.GOV

2026 ILGA.gov | All Rights Reserved |
ADA

|
Disclaimers
|
Learn

This site is maintained for the Illinois General Assembly by the
Legislative Information System, 705 Stratton Building, Springfield, Illinois 62706.
Contact ILGA Webmaster

ILGA.gov uses cookies to ensure you get the best experience on our website. By continuing to browse ILGA.gov you consent to our use of cookies.
Read About Cookies

ILGA.GOV

2026 ILGA.gov | All Rights Reserved |
ADA

|
Disclaimers
|
Learn