HB 232

Abstract

Amends the General Provisions Article of the Illinois Pension Code. Requires the Illinois Investment Policy Board to make its best efforts to identify all for-profit companies that contract to shelter migrant children and include those companies in the list of restricted companies for purposes of investment distributed to each retirement system and the Illinois State Board of Investment. Effective immediately. House Floor Amendment No. 1 Adds reference to: 40 ILCS 5/1-110.17 new Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill with the following changes. Provides that if a company ceases activity that designates the company to be a for-profit company that contracts to shelter migrant children, the company shall be removed from the list of restricted companies. Provides that a retirement system shall adhere to specified procedures for restricted companies that are for-profit companies that contract to shelter migrant children. Provides that if, at least 4 years after the effective date of an amendatory Act that initially establishes a prohibited transaction under this Article, the Illinois Investment Policy Board concludes that divestment is no longer necessary due to achievement of the underlying goals of the amendatory Act establishing the prohibited transaction, changes in status surrounding the prohibited transactions, or other verifiable reasons, the Illinois Investment Policy Board may cease actions to require divestment, identify restricted companies, or prohibit transactions by a majority vote of the Illinois Investment Policy Board if: (1) no less than one year prior to the change in policy, the Illinois Investment Policy Board notifies, in writing, the General Assembly of the change in policy and lists the reasons for changing the policy; and (2) the General Assembly does not, before the change in policy, adopt a House Resolution or a Senate Resolution instructing the Illinois Investment Policy Board to not change the policy. Effective immediately.