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| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB5842 Introduced 2/16/2012, by Rep. Timothy L. Schmitz SYNOPSIS AS INTRODUCED:
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Amends the General Provisions Article of the Illinois Pension Code. Makes a technical change in a Section
concerning contingent fees.
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| | | PENSION IMPACT NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | HB5842 | | LRB097 20490 EFG 66041 b |
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| 1 | | AN ACT concerning public employee benefits.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Pension Code is amended by changing |
| 5 | | Section 1-145 as follows:
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| 6 | | (40 ILCS 5/1-145)
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| 7 | | Sec. 1-145. Contingent and placement fees prohibited. No |
| 8 | | person or entity shall retain a person or entity to attempt to |
| 9 | | influence the the outcome of an investment decision of or the |
| 10 | | procurement of investment advice or services of a retirement |
| 11 | | system, pension fund, or investment board of this Code for |
| 12 | | compensation, contingent in whole or in part upon the decision |
| 13 | | or procurement. Any person who violates this Section is guilty |
| 14 | | of a business offense and shall be fined not more than $10,000. |
| 15 | | In addition, any person convicted of a violation of this |
| 16 | | Section is prohibited for a period of 3 years from conducting |
| 17 | | such activities.
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| 18 | | (Source: P.A. 96-6, eff. 4-3-09.)
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