HB 145

Abstract

Amends the Illinois Pension Code. Provides that no assets of any retirement system shall be invested in any foreign company that has an equity tie to the government of Iran or its instrumentalities and that is engaged in specified business activities. Exempts any foreign company providing humanitarian aid to the Iranian people through either a governmental or non-governmental organization. Requires the retirement system to sell, redeem, divest, or withdraw any investment held in violation of these requirements. Provides that these provisions shall not be construed to require the premature or otherwise imprudent sale, redemption, divestment, or withdrawal of an investment but requires such sale, redemption, divestment, or withdrawal to be completed no later than 3 years after the effective date of the amendatory Act. Requires, within 60 days after the effective date of the amendatory Act and annually thereafter, each retirement system to file with the Public Pension Division and the General Assembly a report of all investments that violate these provisions. Provides that these provisions shall be of no effect if (i) the Congress or the President of the United States declares that the government of Iran has ceased to acquire or develop weapons of mass destruction and to support international terrorism or (ii) the United States revokes all sanctions imposed against the government of Iran. Indemnifies trustees and employees of the retirement systems from all claims, demands, suits, actions, damages, judgments, costs, charges, and expenses and against all liability, losses, and damages of any nature resulting from any decision to restrict, reduce, or eliminate investments. Effective immediately.