Illinois Compiled Statutes 820 ILCS 80/25 – Fiduciary duty
Current as of: 2024 | Check for updates
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The Board, the individual members of the Board, the trustee appointed under subsection (b) of Section 30, any other agents appointed or engaged by the Board, and all persons serving as Program staff shall discharge their duties with respect to the Program solely in the interest of the Program’s enrollees and beneficiaries as follows:
(1) for the exclusive purposes of providing benefits
(1) for the exclusive purposes of providing benefits
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to enrollees and beneficiaries and defraying reasonable expenses of administering the Program;
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(2) by investing with the care, skill, prudence, and
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diligence under the prevailing circumstances that a prudent person acting in a like capacity and familiar with those matters would use in the conduct of an enterprise of a like character and with like aims; and
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(3) by using any contributions paid by employees and
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employers into the trust exclusively for the purpose of paying benefits to the enrollees of the Program, for the cost of administration of the Program, and for investments made for the benefit of the Program.
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Terms Used In Illinois Compiled Statutes 820 ILCS 80/25
- individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See Illinois Compiled Statutes 5 ILCS 70/1.36
- Trustee: A person or institution holding and administering property in trust.