Illinois House Bill 3037

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Spectrum: Partisan Bill (Democrat 8-0)
Status: Introduced on February 16 2023 - 25% progression
Action: 2024-04-29 - Added Co-Sponsor Rep. Margaret Croke
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Amends the General Provisions Article of the Illinois Pension Code. Provides that the amendatory Act may be referred to as the Fossil Fuel Divestment Act. With regard to the pension funds and retirement systems established under the General Assembly, Chicago Police, Chicago Firefighter, Illinois Municipal Retirement Fund (IMRF), Chicago Municipal, Chicago Laborers', State Employees, State Universities, Downstate Teachers, or Judges Article of the Code, prohibits investment of pension system assets in fossil fuel companies. Requires pension systems to adopt an update to its written investment policies if necessary. Requires pension systems to divest any holdings of stocks, securities, or other obligations of a fossil fuel company. Provides that, beginning one year after the effective date of the amendatory Act, the board of trustees of a pension system shall ensure that the pension system does not invest in any indirect investment vehicle unless the board of trustees is satisfied that the investment vehicle is unlikely to have more than 2% of its assets invested in coal, oil, or gas producers. Requires pension systems to post on its publicly accessible website information detailing all its holdings in the public market and private equity investments. Requires pension systems to annually issue a report reviewing its environmental, social, and governance investment policy. Sets forth definitions and other provisions. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

PEN CD-FOSSIL FUEL DIVESTMENT

Rep. Will Guzzardi [D]	Rep. Carol Ammons [D]	Rep. Joyce Mason [D]	Rep. Kelly Cassidy [D]
Rep. Hoan Huynh [D]	Rep. Lindsey LaPointe [D]	Rep. Bob Morgan [D]	Rep. Margaret Croke [D]

Date	Chamber	Action
2024-04-29	House	Added Co-Sponsor Rep. Margaret Croke
2023-12-19	House	Added Co-Sponsor Rep. Bob Morgan
2023-12-04	House	Chief Co-Sponsor Changed to Rep. Carol Ammons
2023-12-04	House	Added Chief Co-Sponsor Rep. Carol Ammons
2023-11-14	House	Added Co-Sponsor Rep. Lindsey LaPointe
2023-10-03	House	Added Co-Sponsor Rep. Hoan Huynh
2023-03-06	House	Added Co-Sponsor Rep. Kelly M. Cassidy
2023-03-06	House	Added Co-Sponsor Rep. Joyce Mason
2023-02-16	House	Referred to Rules Committee
2023-02-16	House	First Reading
2023-02-16	House	Filed with the Clerk by Rep. Will Guzzardi

Chapter	Article	Section	Citation Type	Statute Text
30	805	8.47	New Code	See Bill Text
40	5	1-110.18	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3037&GAID=17&DocTypeID=HB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/HB/10300HB3037.htm