Illinois SB3342 mandates divestment from for-profit companies that shelter incarcerated or detained persons.
Illinois SB3342 amends the Illinois Pension Code to require the Illinois Investment Policy Board to identify and list for-profit companies that contract to shelter incarcerated or detained persons. Local governments with populations of 500,000 or more are prohibited from investing in these companies. Retirement systems must divest from these companies and report annually on their efforts. The bill also exempts the retirement system and the Illinois Investment Policy Board from conflicting statutory or common law obligations regarding these divestments.
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