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| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB2876 Introduced , by Rep. Daniel J. Burke SYNOPSIS AS INTRODUCED:
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Amends the General Provisions Article of the Illinois Pension Code. Makes changes concerning contingent and placement fees.
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| | | PENSION IMPACT NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | HB2876 | | LRB098 09887 EFG 40045 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,
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| 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 shall retain a solicitor or placement agent to attempt |
| 9 | | to influence the outcome of an investment decision of or the |
| 10 | | procurement of investment advice or services by the Board or |
| 11 | | Oversight Board of the Illinois Public Employees' Retirement |
| 12 | | System for compensation, contingent in whole or in part upon |
| 13 | | the decision or procurement, unless (i) such solicitor is a |
| 14 | | person enumerated in one of clauses (1) through (5) of Section |
| 15 | | 1-101.4 and is in compliance with rule 206(4)-3 under the |
| 16 | | federal Investment Advisers Act of 1940 or (ii) such placement |
| 17 | | agent is registered as a broker or dealer pursuant to the |
| 18 | | federal Securities and Exchange Act of 1934, as amended, or the |
| 19 | | Illinois Securities Law of 1953. Any person who violates this |
| 20 | | Section is guilty of a business offense and shall be fined not |
| 21 | | more than $10,000. In addition, any person convicted of a |
| 22 | | violation of this Section is prohibited for a period of 3 years |
| 23 | | from conducting such activities. No person or entity shall |