Bill Status of HB 3961   104th General Assembly

Short Description:  PEN CD-DIVEST FOSSIL FUELS

House Sponsors
Rep. Will Guzzardi-Camille Y. Lilly-Carol Ammons, Theresa Mah, Lilian Jiménez, Anne Stava-Murray, Abdelnasser Rashid, Dagmara Avelar, Anna Moeller and Hoan Huynh

Last Action  View All Actions

DateChamber Action
  2/25/2025HouseReferred to Rules Committee

Statutes Amended In Order of Appearance
40 ILCS 5/1-110.18 new

Synopsis As Introduced
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 retirement systems established under the General Assembly, State Employees, State Universities, Downstate Teachers, or Judges Article of the Code and the Illinois State Board of Investment, prohibits direct investment of any additional pension assets in the stocks, securities, or other obligations of any fossil fuel company or any subsidiary, affiliate, or parent of a fossil fuel company. Provides that each board of trustees of a pension system shall ensure the pension system does not make further indirect investments unless, upon exercising due diligence, the board of trustees is satisfied that the investment vehicle is unlikely to have more than 2% of its assets invested in fossil fuel companies. Requires pension system trustees to identify the pension system's holdings, whether directly or indirectly invested, including private investments. Requires pension system trustees to identify holdings that are invested in the stocks, securities, equities, fixed income, corporate bonds, prime commercial paper, or other obligations of fossil fuel companies. Requires pension systems to, in accordance with sound investment criteria and consistent with fiduciary obligations, divest any fossil fuel holdings, which must be completed by January 1, 2030. Requires pension systems to adopt an update to their written investment policies if necessary. Requires each pension system to disclose the analytic methods used, if any, in determining the climate-related financial risks posed by its fossil fuel investments (both publicly traded and private investments) and the results of the analysis. Sets forth provisions concerning definitions, de minimis exposure to fossil fuel securities, and annual reporting. Effective immediately.

Actions 
DateChamber Action
  2/21/2025HouseFiled with the Clerk by Rep. Will Guzzardi
  2/24/2025HouseAdded Chief Co-Sponsor Rep. Camille Y. Lilly
  2/25/2025HouseFirst Reading
  2/25/2025HouseReferred to Rules Committee
  3/3/2025HouseAdded Co-Sponsor Rep. Theresa Mah
  3/3/2025HouseAdded Co-Sponsor Rep. Lilian Jiménez
  3/3/2025HouseAdded Co-Sponsor Rep. Anne Stava-Murray
  3/3/2025HouseAdded Co-Sponsor Rep. Abdelnasser Rashid
  3/7/2025HouseAdded Chief Co-Sponsor Rep. Carol Ammons
  3/26/2025HouseAdded Co-Sponsor Rep. Dagmara Avelar
  3/27/2025HouseAdded Co-Sponsor Rep. Anna Moeller
  4/7/2025HouseAdded Co-Sponsor Rep. Hoan Huynh

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