IL
Illinois Senate Bill SB2462

Illinois 2025-2026 Regular Session

Illinois Senate Bill SB2462 Compare Versions

Only one version of the bill is available at this time.
OldNewDifferences
11 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB2462 Introduced 2/7/2025, by Sen. Mike Porfirio - Karina Villa - Graciela Guzmn - Rachel Ventura SYNOPSIS AS INTRODUCED: 40 ILCS 5/1-110.16 Amends the General Provisions Article of the Illinois Pension Code. Removes provisions requiring the Illinois Investment Policy Board to include companies that boycott Israel in its list of restricted companies. Makes conforming changes. Effective immediately. LRB104 09315 RPS 19373 b A BILL FOR 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB2462 Introduced 2/7/2025, by Sen. Mike Porfirio - Karina Villa - Graciela Guzmn - Rachel Ventura SYNOPSIS AS INTRODUCED: 40 ILCS 5/1-110.16 40 ILCS 5/1-110.16 Amends the General Provisions Article of the Illinois Pension Code. Removes provisions requiring the Illinois Investment Policy Board to include companies that boycott Israel in its list of restricted companies. Makes conforming changes. Effective immediately. LRB104 09315 RPS 19373 b LRB104 09315 RPS 19373 b A BILL FOR
22 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB2462 Introduced 2/7/2025, by Sen. Mike Porfirio - Karina Villa - Graciela Guzmn - Rachel Ventura SYNOPSIS AS INTRODUCED:
33 40 ILCS 5/1-110.16 40 ILCS 5/1-110.16
44 40 ILCS 5/1-110.16
55 Amends the General Provisions Article of the Illinois Pension Code. Removes provisions requiring the Illinois Investment Policy Board to include companies that boycott Israel in its list of restricted companies. Makes conforming changes. Effective immediately.
66 LRB104 09315 RPS 19373 b LRB104 09315 RPS 19373 b
77 LRB104 09315 RPS 19373 b
88 A BILL FOR
99 SB2462LRB104 09315 RPS 19373 b SB2462 LRB104 09315 RPS 19373 b
1010 SB2462 LRB104 09315 RPS 19373 b
1111 1 AN ACT concerning public employee benefits.
1212 2 Be it enacted by the People of the State of Illinois,
1313 3 represented in the General Assembly:
1414 4 Section 5. The Illinois Pension Code is amended by
1515 5 changing Section 1-110.16 as follows:
1616 6 (40 ILCS 5/1-110.16)
1717 7 Sec. 1-110.16. Transactions prohibited by retirement
1818 8 systems; companies that boycott Israel, for-profit companies
1919 9 that contract to shelter migrant children, Iran-restricted
2020 10 companies, Sudan-restricted companies, expatriated entities,
2121 11 companies that are domiciled or have their principal place of
2222 12 business in Russia or Belarus, and companies that are subject
2323 13 to Russian Harmful Foreign Activities Sanctions.
2424 14 (a) As used in this Section:
2525 15 "Boycott Israel" means engaging in actions that are
2626 16 politically motivated and are intended to penalize,
2727 17 inflict economic harm on, or otherwise limit commercial
2828 18 relations with the State of Israel or companies based in
2929 19 the State of Israel or in territories controlled by the
3030 20 State of Israel.
3131 21 "Company" means any sole proprietorship, organization,
3232 22 association, corporation, partnership, joint venture,
3333 23 limited partnership, limited liability partnership,
3434
3535
3636
3737 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB2462 Introduced 2/7/2025, by Sen. Mike Porfirio - Karina Villa - Graciela Guzmn - Rachel Ventura SYNOPSIS AS INTRODUCED:
3838 40 ILCS 5/1-110.16 40 ILCS 5/1-110.16
3939 40 ILCS 5/1-110.16
4040 Amends the General Provisions Article of the Illinois Pension Code. Removes provisions requiring the Illinois Investment Policy Board to include companies that boycott Israel in its list of restricted companies. Makes conforming changes. Effective immediately.
4141 LRB104 09315 RPS 19373 b LRB104 09315 RPS 19373 b
4242 LRB104 09315 RPS 19373 b
4343 A BILL FOR
4444
4545
4646
4747
4848
4949 40 ILCS 5/1-110.16
5050
5151
5252
5353 LRB104 09315 RPS 19373 b
5454
5555
5656
5757
5858
5959
6060
6161
6262
6363 SB2462 LRB104 09315 RPS 19373 b
6464
6565
6666 SB2462- 2 -LRB104 09315 RPS 19373 b SB2462 - 2 - LRB104 09315 RPS 19373 b
6767 SB2462 - 2 - LRB104 09315 RPS 19373 b
6868 1 limited liability company, or other entity or business
6969 2 association, including all wholly owned subsidiaries,
7070 3 majority-owned subsidiaries, parent companies, or
7171 4 affiliates of those entities or business associations,
7272 5 that exist for the purpose of making profit.
7373 6 "Company that is subject to Russian Harmful Foreign
7474 7 Activities Sanctions" means a company that is subject to
7575 8 sanctions under the Russian Harmful Foreign Activities
7676 9 Sanctions Regulations (31 CFR Part 587), any Presidential
7777 10 Executive Order imposing sanctions against Russia, or any
7878 11 federal directive issued pursuant to any such Executive
7979 12 Order.
8080 13 "Contract to shelter migrant children" means entering
8181 14 into a contract with the federal government to shelter
8282 15 migrant children under the federal Unaccompanied Alien
8383 16 Children Program or a substantially similar federal
8484 17 program.
8585 18 "Direct holdings" in a company means all publicly
8686 19 traded securities of that company that are held directly
8787 20 by the retirement system in an actively managed account or
8888 21 fund in which the retirement system owns all shares or
8989 22 interests.
9090 23 "Expatriated entity" has the meaning ascribed to it in
9191 24 Section 1-15.120 of the Illinois Procurement Code.
9292 25 "Illinois Investment Policy Board" means the board
9393 26 established under subsection (b) of this Section.
9494
9595
9696
9797
9898
9999 SB2462 - 2 - LRB104 09315 RPS 19373 b
100100
101101
102102 SB2462- 3 -LRB104 09315 RPS 19373 b SB2462 - 3 - LRB104 09315 RPS 19373 b
103103 SB2462 - 3 - LRB104 09315 RPS 19373 b
104104 1 "Indirect holdings" in a company means all securities
105105 2 of that company that are held in an account or fund, such
106106 3 as a mutual fund, managed by one or more persons not
107107 4 employed by the retirement system, in which the retirement
108108 5 system owns shares or interests together with other
109109 6 investors not subject to the provisions of this Section or
110110 7 that are held in an index fund.
111111 8 "Iran-restricted company" means a company that meets
112112 9 the qualifications under Section 1-110.15 of this Code.
113113 10 "Private market fund" means any private equity fund,
114114 11 private equity funds of funds, venture capital fund, hedge
115115 12 fund, hedge fund of funds, real estate fund, or other
116116 13 investment vehicle that is not publicly traded.
117117 14 "Restricted companies" means companies that boycott
118118 15 Israel, for-profit companies that contract to shelter
119119 16 migrant children, Iran-restricted companies,
120120 17 Sudan-restricted companies, expatriated entities,
121121 18 companies that are domiciled or have their principal place
122122 19 of business in Russia or Belarus, and companies that are
123123 20 subject to Russian Harmful Foreign Activities Sanctions.
124124 21 "Retirement system" means a retirement system
125125 22 established under Article 2, 14, 15, 16, or 18 of this Code
126126 23 or the Illinois State Board of Investment.
127127 24 "Sudan-restricted company" means a company that meets
128128 25 the qualifications under Section 1-110.6 of this Code.
129129 26 (b) There shall be established an Illinois Investment
130130
131131
132132
133133
134134
135135 SB2462 - 3 - LRB104 09315 RPS 19373 b
136136
137137
138138 SB2462- 4 -LRB104 09315 RPS 19373 b SB2462 - 4 - LRB104 09315 RPS 19373 b
139139 SB2462 - 4 - LRB104 09315 RPS 19373 b
140140 1 Policy Board. The Illinois Investment Policy Board shall
141141 2 consist of 7 members. Each board of a pension fund or
142142 3 investment board created under Article 15, 16, or 22A of this
143143 4 Code shall appoint one member, and the Governor shall appoint
144144 5 4 members. The Governor shall designate one member of the
145145 6 Board as the Chairperson.
146146 7 (b-5) The term of office of each member appointed by the
147147 8 Governor, who is serving on the Board on June 30, 2022, is
148148 9 abolished on that date. The terms of office of members
149149 10 appointed by the Governor after June 30, 2022 shall be as
150150 11 follows: 2 initial members shall be appointed for terms of 2
151151 12 years, and 2 initial members shall be appointed for terms of 4
152152 13 years. Thereafter, the members appointed by the Governor shall
153153 14 hold office for 4 years, except that any member chosen to fill
154154 15 a vacancy occurring otherwise than by expiration of a term
155155 16 shall be appointed only for the unexpired term of the member
156156 17 whom he or she shall succeed. Board members may be
157157 18 reappointed. The Governor may remove a Governor's appointee to
158158 19 the Board for incompetence, neglect of duty, malfeasance, or
159159 20 inability to serve.
160160 21 (c) Notwithstanding any provision of law to the contrary,
161161 22 beginning January 1, 2016, Sections 1-110.15 and 1-110.6 of
162162 23 this Code shall be administered in accordance with this
163163 24 Section.
164164 25 (d) By April 1, 2016, the Illinois Investment Policy Board
165165 26 shall make its best efforts to identify all Iran-restricted
166166
167167
168168
169169
170170
171171 SB2462 - 4 - LRB104 09315 RPS 19373 b
172172
173173
174174 SB2462- 5 -LRB104 09315 RPS 19373 b SB2462 - 5 - LRB104 09315 RPS 19373 b
175175 SB2462 - 5 - LRB104 09315 RPS 19373 b
176176 1 companies and , Sudan-restricted companies, and companies that
177177 2 boycott Israel and assemble those identified companies into a
178178 3 list of restricted companies, to be distributed to each
179179 4 retirement system.
180180 5 These efforts shall include the following, as appropriate
181181 6 in the Illinois Investment Policy Board's judgment:
182182 7 (1) reviewing and relying on publicly available
183183 8 information regarding Iran-restricted companies and ,
184184 9 Sudan-restricted companies, and companies that boycott
185185 10 Israel, including information provided by nonprofit
186186 11 organizations, research firms, and government entities;
187187 12 (2) contacting asset managers contracted by the
188188 13 retirement systems that invest in Iran-restricted
189189 14 companies and , Sudan-restricted companies, and companies
190190 15 that boycott Israel;
191191 16 (3) contacting other institutional investors that have
192192 17 divested from or engaged with Iran-restricted companies
193193 18 and , Sudan-restricted companies, and companies that
194194 19 boycott Israel; and
195195 20 (4) retaining an independent research firm to identify
196196 21 Iran-restricted companies and , Sudan-restricted
197197 22 companies, and companies that boycott Israel.
198198 23 The Illinois Investment Policy Board shall review the list
199199 24 of restricted companies on a quarterly basis based on evolving
200200 25 information from, among other sources, those listed in this
201201 26 subsection (d) and distribute any updates to the list of
202202
203203
204204
205205
206206
207207 SB2462 - 5 - LRB104 09315 RPS 19373 b
208208
209209
210210 SB2462- 6 -LRB104 09315 RPS 19373 b SB2462 - 6 - LRB104 09315 RPS 19373 b
211211 SB2462 - 6 - LRB104 09315 RPS 19373 b
212212 1 restricted companies to the retirement systems and the State
213213 2 Treasurer.
214214 3 By April 1, 2018, the Illinois Investment Policy Board
215215 4 shall make its best efforts to identify all expatriated
216216 5 entities and include those companies in the list of restricted
217217 6 companies distributed to each retirement system and the State
218218 7 Treasurer. These efforts shall include the following, as
219219 8 appropriate in the Illinois Investment Policy Board's
220220 9 judgment:
221221 10 (1) reviewing and relying on publicly available
222222 11 information regarding expatriated entities, including
223223 12 information provided by nonprofit organizations, research
224224 13 firms, and government entities;
225225 14 (2) contacting asset managers contracted by the
226226 15 retirement systems that invest in expatriated entities;
227227 16 (3) contacting other institutional investors that have
228228 17 divested from or engaged with expatriated entities; and
229229 18 (4) retaining an independent research firm to identify
230230 19 expatriated entities.
231231 20 By July 1, 2022, the Illinois Investment Policy Board
232232 21 shall make its best efforts to identify all for-profit
233233 22 companies that contract to shelter migrant children and
234234 23 include those companies in the list of restricted companies
235235 24 distributed to each retirement system. These efforts shall
236236 25 include the following, as appropriate in the Illinois
237237 26 Investment Policy Board's judgment:
238238
239239
240240
241241
242242
243243 SB2462 - 6 - LRB104 09315 RPS 19373 b
244244
245245
246246 SB2462- 7 -LRB104 09315 RPS 19373 b SB2462 - 7 - LRB104 09315 RPS 19373 b
247247 SB2462 - 7 - LRB104 09315 RPS 19373 b
248248 1 (1) reviewing and relying on publicly available
249249 2 information regarding for-profit companies that contract
250250 3 to shelter migrant children, including information
251251 4 provided by nonprofit organizations, research firms, and
252252 5 government entities;
253253 6 (2) contacting asset managers contracted by the
254254 7 retirement systems that invest in for-profit companies
255255 8 that contract to shelter migrant children;
256256 9 (3) contacting other institutional investors that have
257257 10 divested from or engaged with for-profit companies that
258258 11 contract to shelter migrant children; and
259259 12 (4) retaining an independent research firm to identify
260260 13 for-profit companies that contract to shelter migrant
261261 14 children.
262262 15 No later than 6 months after the effective date of this
263263 16 amendatory Act of the 102nd General Assembly, the Illinois
264264 17 Investment Policy Board shall make its best efforts to
265265 18 identify all companies that are domiciled or have their
266266 19 principal place of business in Russia or Belarus and companies
267267 20 that are subject to Russian Harmful Foreign Activities
268268 21 Sanctions and include those companies in the list of
269269 22 restricted companies distributed to each retirement system.
270270 23 These efforts shall include the following, as appropriate in
271271 24 the Illinois Investment Policy Board's judgment:
272272 25 (1) reviewing and relying on publicly available
273273 26 information regarding companies that are domiciled or have
274274
275275
276276
277277
278278
279279 SB2462 - 7 - LRB104 09315 RPS 19373 b
280280
281281
282282 SB2462- 8 -LRB104 09315 RPS 19373 b SB2462 - 8 - LRB104 09315 RPS 19373 b
283283 SB2462 - 8 - LRB104 09315 RPS 19373 b
284284 1 their principal place of business in Russia or Belarus and
285285 2 companies that are subject to Russian Harmful Foreign
286286 3 Activities Sanctions, including information provided by
287287 4 nonprofit organizations, research firms, and government
288288 5 entities;
289289 6 (2) contacting asset managers contracted by the
290290 7 retirement systems that invest in companies that are
291291 8 domiciled or have their principal place of business in
292292 9 Russia or Belarus and companies that are subject to
293293 10 Russian Harmful Foreign Activities Sanctions;
294294 11 (3) contacting other institutional investors that have
295295 12 divested from or engaged with companies that are domiciled
296296 13 or have their principal place of business in Russia or
297297 14 Belarus and companies that are subject to Russian Harmful
298298 15 Foreign Activities Sanctions; and
299299 16 (4) retaining an independent research firm to identify
300300 17 companies that are domiciled or have their principal place
301301 18 of business in Russia or Belarus and companies that are
302302 19 subject to Russian Harmful Foreign Activities Sanctions.
303303 20 (e) The Illinois Investment Policy Board shall adhere to
304304 21 the following procedures for companies on the list of
305305 22 restricted companies:
306306 23 (1) For each company newly identified in subsection
307307 24 (d), the Illinois Investment Policy Board, unless it
308308 25 determines by an affirmative vote that it is unfeasible,
309309 26 shall send a written notice informing the company of its
310310
311311
312312
313313
314314
315315 SB2462 - 8 - LRB104 09315 RPS 19373 b
316316
317317
318318 SB2462- 9 -LRB104 09315 RPS 19373 b SB2462 - 9 - LRB104 09315 RPS 19373 b
319319 SB2462 - 9 - LRB104 09315 RPS 19373 b
320320 1 status and that it may become subject to divestment or
321321 2 shareholder activism by the retirement systems.
322322 3 (2) If, following the Illinois Investment Policy
323323 4 Board's engagement pursuant to this subsection (e) with a
324324 5 restricted company, that company ceases activity that
325325 6 designates the company to be an Iran-restricted company, a
326326 7 Sudan-restricted company, a company that boycotts Israel,
327327 8 an expatriated entity, or a for-profit company that
328328 9 contracts to shelter migrant children, the company shall
329329 10 be removed from the list of restricted companies and the
330330 11 provisions of this Section shall cease to apply to it
331331 12 unless it resumes such activities.
332332 13 (3) For a company that is domiciled or has its
333333 14 principal place of business in Russia or Belarus, if,
334334 15 following the Illinois Investment Policy Board's
335335 16 engagement pursuant to this subsection (e), that company
336336 17 is no longer domiciled or has its principal place of
337337 18 business in Russia or Belarus, the company shall be
338338 19 removed from the list of restricted companies and the
339339 20 provisions of this Section shall cease to apply to it
340340 21 unless it becomes domiciled or has its principal place of
341341 22 business in Russia or Belarus.
342342 23 (4) For a company that is subject to Russian Harmful
343343 24 Foreign Activities Sanctions, if, following the Illinois
344344 25 Investment Policy Board's engagement pursuant to this
345345 26 subsection (e), that company is no longer subject to
346346
347347
348348
349349
350350
351351 SB2462 - 9 - LRB104 09315 RPS 19373 b
352352
353353
354354 SB2462- 10 -LRB104 09315 RPS 19373 b SB2462 - 10 - LRB104 09315 RPS 19373 b
355355 SB2462 - 10 - LRB104 09315 RPS 19373 b
356356 1 Russian Harmful Foreign Activities Sanctions, the company
357357 2 shall be removed from the list of restricted companies and
358358 3 the provisions of this Section shall cease to apply to it
359359 4 unless it becomes subject to Russian Harmful Foreign
360360 5 Activities Sanctions.
361361 6 (f) Except as provided in subsection (f-1) of this Section
362362 7 the retirement system shall adhere to the following procedures
363363 8 for companies on the list of restricted companies:
364364 9 (1) The retirement system shall identify those
365365 10 companies on the list of restricted companies in which the
366366 11 retirement system owns direct holdings and indirect
367367 12 holdings.
368368 13 (2) The retirement system shall instruct its
369369 14 investment advisors to sell, redeem, divest, or withdraw
370370 15 all direct holdings of restricted companies from the
371371 16 retirement system's assets under management in an orderly
372372 17 and fiduciarily responsible manner within 12 months after
373373 18 the company's most recent appearance on the list of
374374 19 restricted companies.
375375 20 (3) The retirement system may not acquire securities
376376 21 of restricted companies.
377377 22 (4) The provisions of this subsection (f) do not apply
378378 23 to the retirement system's indirect holdings or private
379379 24 market funds. The Illinois Investment Policy Board shall
380380 25 submit letters to the managers of those investment funds
381381 26 containing restricted companies requesting that they
382382
383383
384384
385385
386386
387387 SB2462 - 10 - LRB104 09315 RPS 19373 b
388388
389389
390390 SB2462- 11 -LRB104 09315 RPS 19373 b SB2462 - 11 - LRB104 09315 RPS 19373 b
391391 SB2462 - 11 - LRB104 09315 RPS 19373 b
392392 1 consider removing the companies from the fund or create a
393393 2 similar actively managed fund having indirect holdings
394394 3 devoid of the companies. If the manager creates a similar
395395 4 fund, the retirement system shall replace all applicable
396396 5 investments with investments in the similar fund in an
397397 6 expedited timeframe consistent with prudent investing
398398 7 standards.
399399 8 (f-1) The retirement system shall adhere to the following
400400 9 procedures for restricted companies that are expatriated
401401 10 entities or for-profit companies that contract to shelter
402402 11 migrant children:
403403 12 (1) To the extent that the retirement system believes
404404 13 that shareholder activism would be more impactful than
405405 14 divestment, the retirement system shall have the authority
406406 15 to engage with a restricted company prior to divesting.
407407 16 (2) Subject to any applicable State or Federal laws,
408408 17 methods of shareholder activism utilized by the retirement
409409 18 system may include, but are not limited to, bringing
410410 19 shareholder resolutions and proxy voting on shareholder
411411 20 resolutions.
412412 21 (3) The retirement system shall report on its
413413 22 shareholder activism and the outcome of such efforts to
414414 23 the Illinois Investment Policy Board by April 1 of each
415415 24 year.
416416 25 (4) If the engagement efforts of the retirement system
417417 26 are unsuccessful, then it shall adhere to the procedures
418418
419419
420420
421421
422422
423423 SB2462 - 11 - LRB104 09315 RPS 19373 b
424424
425425
426426 SB2462- 12 -LRB104 09315 RPS 19373 b SB2462 - 12 - LRB104 09315 RPS 19373 b
427427 SB2462 - 12 - LRB104 09315 RPS 19373 b
428428 1 under subsection (f) of this Section.
429429 2 (f-5) Beginning on the effective date of this amendatory
430430 3 Act of the 102nd General Assembly, no retirement system shall
431431 4 invest moneys in Russian or Belarusian sovereign debt, Russian
432432 5 or Belarusian government-backed securities, any investment
433433 6 instrument issued by an entity that is domiciled or has its
434434 7 principal place of business in Russia or Belarus, or any
435435 8 investment instrument issued by a company that is subject to
436436 9 Russian Harmful Foreign Activities Sanctions, and no
437437 10 retirement system shall invest or deposit State moneys in any
438438 11 bank that is domiciled or has its principal place of business
439439 12 in Russia or Belarus. As soon as practicable after the
440440 13 effective date of this amendatory Act of the 102nd General
441441 14 Assembly, each retirement system shall instruct its investment
442442 15 advisors to sell, redeem, divest, or withdraw all direct
443443 16 holdings of Russian or Belarusian sovereign debt and direct
444444 17 holdings of Russian or Belarusian government-backed securities
445445 18 from the retirement system's assets under management in an
446446 19 orderly and fiduciarily responsible manner.
447447 20 Notwithstanding any provision of this Section to the
448448 21 contrary, a retirement system may cease divestment pursuant to
449449 22 this subsection (f-5) if clear and convincing evidence shows
450450 23 that the value of investments in such Russian or Belarusian
451451 24 sovereign debt and Russian or Belarusian government-backed
452452 25 securities becomes equal to or less than 0.05% of the market
453453 26 value of all assets under management by the retirement system.
454454
455455
456456
457457
458458
459459 SB2462 - 12 - LRB104 09315 RPS 19373 b
460460
461461
462462 SB2462- 13 -LRB104 09315 RPS 19373 b SB2462 - 13 - LRB104 09315 RPS 19373 b
463463 SB2462 - 13 - LRB104 09315 RPS 19373 b
464464 1 For any cessation of divestment authorized by this subsection
465465 2 (f-5), the retirement system shall provide a written notice to
466466 3 the Illinois Investment Policy Board in advance of the
467467 4 cessation of divestment, setting forth the reasons and
468468 5 justification, supported by clear and convincing evidence, for
469469 6 its decision to cease divestment under this subsection (f-5).
470470 7 The provisions of this subsection (f-5) do not apply to
471471 8 the retirement system's indirect holdings or private market
472472 9 funds.
473473 10 (g) Upon request, and by April 1 of each year, each
474474 11 retirement system shall provide the Illinois Investment Policy
475475 12 Board with information regarding investments sold, redeemed,
476476 13 divested, or withdrawn in compliance with this Section.
477477 14 (h) Notwithstanding any provision of this Section to the
478478 15 contrary, a retirement system may cease divesting from
479479 16 companies pursuant to subsection (f) if clear and convincing
480480 17 evidence shows that the value of investments in such companies
481481 18 becomes equal to or less than 0.5% of the market value of all
482482 19 assets under management by the retirement system. For any
483483 20 cessation of divestment authorized by this subsection (h), the
484484 21 retirement system shall provide a written notice to the
485485 22 Illinois Investment Policy Board in advance of the cessation
486486 23 of divestment, setting forth the reasons and justification,
487487 24 supported by clear and convincing evidence, for its decision
488488 25 to cease divestment under subsection (f).
489489 26 (i) The cost associated with the activities of the
490490
491491
492492
493493
494494
495495 SB2462 - 13 - LRB104 09315 RPS 19373 b
496496
497497
498498 SB2462- 14 -LRB104 09315 RPS 19373 b SB2462 - 14 - LRB104 09315 RPS 19373 b
499499 SB2462 - 14 - LRB104 09315 RPS 19373 b
500500 1 Illinois Investment Policy Board shall be borne by the boards
501501 2 of each pension fund or investment board created under Article
502502 3 15, 16, or 22A of this Code.
503503 4 (j) With respect to actions taken in compliance with this
504504 5 Section, including all good-faith determinations regarding
505505 6 companies as required by this Section, the retirement system
506506 7 and Illinois Investment Policy Board are exempt from any
507507 8 conflicting statutory or common law obligations, including any
508508 9 fiduciary duties under this Article and any obligations with
509509 10 respect to choice of asset managers, investment funds, or
510510 11 investments for the retirement system's securities portfolios.
511511 12 (k) It is not the intent of the General Assembly in
512512 13 enacting this amendatory Act of the 99th General Assembly to
513513 14 cause divestiture from any company based in the United States
514514 15 of America. The Illinois Investment Policy Board shall
515515 16 consider this intent when developing or reviewing the list of
516516 17 restricted companies.
517517 18 (l) If any provision of this amendatory Act of the 99th
518518 19 General Assembly or its application to any person or
519519 20 circumstance is held invalid, the invalidity of that provision
520520 21 or application does not affect other provisions or
521521 22 applications of this amendatory Act of the 99th General
522522 23 Assembly that can be given effect without the invalid
523523 24 provision or application.
524524 25 If any provision of Public Act 100-551 or its application
525525 26 to any person or circumstance is held invalid, the invalidity
526526
527527
528528
529529
530530
531531 SB2462 - 14 - LRB104 09315 RPS 19373 b
532532
533533
534534 SB2462- 15 -LRB104 09315 RPS 19373 b SB2462 - 15 - LRB104 09315 RPS 19373 b
535535 SB2462 - 15 - LRB104 09315 RPS 19373 b
536536 1 of that provision or application does not affect other
537537 2 provisions or applications of Public Act 100-551 that can be
538538 3 given effect without the invalid provision or application.
539539 4 If any provision of Public Act 102-118 or its application
540540 5 to any person or circumstance is held invalid, the invalidity
541541 6 of that provision or application does not affect other
542542 7 provisions or applications of Public Act 102-118 that can be
543543 8 given effect without the invalid provision or application.
544544 9 If any provision of this amendatory Act of the 102nd
545545 10 General Assembly or its application to any person or
546546 11 circumstance is held invalid, the invalidity of that provision
547547 12 or application does not affect other provisions or
548548 13 applications of this amendatory Act of the 102nd General
549549 14 Assembly that can be given effect without the invalid
550550 15 provision or application.
551551 16 (Source: P.A. 102-118, eff. 7-23-21; 102-699, eff. 4-19-22;
552552 17 102-1108, eff. 12-21-22.)
553553
554554
555555
556556
557557
558558 SB2462 - 15 - LRB104 09315 RPS 19373 b