§ 1-114 — Liability for Breach of Fiduciary Duty

Illinois § 1-114

• Jurisdiction: Illinois
• Topic: GOVERNMENT
• Ch. 40: PENSIONS
• Act 40 ILCS 5/: Illinois Pension Code.
• Art.: Article 1 - General Provisions: Short Title, Effect Of Code And Other Provisions

Text

(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.

Legislative History

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