PEN CD-DIVEST FOSSIL FUELS
Sponsored By: Adriane Johnson
In Committee
Summary
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.
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Bill Overview
No Economic Impacts Identified for this Bill
Sponsors & Cosponsors
Sponsor
Adriane Johnson
Affiliation unavailable
Cosponsors
Emil Jones, III
Affiliation unavailable
Graciela Guzmán
Affiliation unavailable
Javier L. Cervantes
Affiliation unavailable
Julie A. Morrison
Affiliation unavailable
Karina Villa
Affiliation unavailable
Mary Edly-Allen
Affiliation unavailable
Mattie Hunter
Affiliation unavailable
Mike Simmons
Affiliation unavailable
Paul Faraci
Affiliation unavailable
Rachel Ventura
Affiliation unavailable
Robert Peters
Affiliation unavailable
Sara Feigenholtz
Affiliation unavailable
Roll Call Votes
No roll call votes available for this bill.
Actions Timeline
Added as Co-Sponsor Sen. Javier L. Cervantes
4/11/2025SenateAdded as Co-Sponsor Sen. Julie A. Morrison
3/19/2025SenateAdded as Co-Sponsor Sen. Mattie Hunter
3/17/2025SenateAdded as Co-Sponsor Sen. Robert Peters
3/4/2025SenateAdded as Co-Sponsor Sen. Emil Jones, III
2/19/2025SenateAdded as Co-Sponsor Sen. Paul Faraci
2/18/2025SenateAdded as Co-Sponsor Sen. Rachel Ventura
2/3/2025SenateAdded as Chief Co-Sponsor Sen. Karina Villa
1/30/2025SenateAdded as Chief Co-Sponsor Sen. Mike Simmons
1/30/2025SenateAdded as Chief Co-Sponsor Sen. Mary Edly-Allen
1/30/2025SenateAdded as Chief Co-Sponsor Sen. Graciela Guzmán
1/29/2025SenateAdded as Co-Sponsor Sen. Graciela Guzmán
1/28/2025SenateAdded as Co-Sponsor Sen. Sara Feigenholtz
1/21/2025SenateReferred to Assignments
1/17/2025SenateFirst Reading
1/17/2025SenateFiled with Secretary by Sen. Adriane Johnson
1/17/2025Senate
Bill Text
Introduced
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