Those who manage pension boards in Illinois will be subject to a one-year ban on working for the entities they once managed thanks to legislation sponsored by State Senator John Connor (D-Lockport) that was signed into law Friday.
“The goal of this legislation is make sure that pension board members are not tempted to put their own interests above those of taxpayers in this state,” Connor said. “When billions of dollars are in play, we need to hold those managing the funds to a high standard.”
House Bill 3004 prohibits board members of a pension fund, investment board or retirement system from being employed by the pension fund for 12 months after serving on the board. The legislation adds such positions to the state’s existing revolving door policies in an effort to prevent conflicts of interest. The legislation was carried by Representative Mark Batinick (R-Plainfield) in the House.
“I am happy to work with Senator Connor to pass this important legislation,” Batinick said. “HB3004 will bring necessary ethics reform and transparency to pension boards in our state. This bill is one small step toward a more ethical Illinois.”
The law will go into effect Jan. 1, 2022.