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104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
HB4833

Introduced , by Rep. Kevin John Olickal

SYNOPSIS AS INTRODUCED:

30 ILCS 235/2.4 new
40 ILCS 5/1-110.16

Amends the General Provisions Article of the Illinois Pension Code.
Requires the Illinois Investment Policy Board to make its best efforts to
identify all for-profit companies that contract to shelter incarcerated or
detained persons and to include those companies in the list of restricted
companies for purposes of investment distributed to each retirement system
and the Illinois State Board of Investment. Provides that an exception to
divestment requirements for investments that are equal to or less than
0.5% of the market value of all assets under management by the retirement
does not apply to investments in for-profit companies that contract to
shelter incarcerated or detained persons. Makes conforming changes. Amends
the Public Funds Investment Act. Provides that a municipality with a
population of 500,000 or more or a county with a population of 3,000,000 or
more shall not invest public funds in an investment instrument issued by
for-profit companies that contract to shelter incarcerated or detained
persons. Requires such a municipality or county to instruct its investment
advisors to sell, redeem, divest, or withdraw all holdings of a for-profit
company that enters into a contract to shelter incarcerated or detained
persons from the local government's assets under management in an orderly
and fiduciarily responsible manner within 12 months after the company's
most recent appearance on the list of restricted companies published by
the Illinois Investment Policy Board. Effective immediately.
LRB104 19093 RPS 32538 b
STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT
MAY APPLY

A BILL FOR

HB4833
LRB104 19093 RPS 32538 b
1

AN ACT concerning government.

2

Be it enacted by the People of the State of Illinois,
3
represented in the General Assembly:

4

Section 5.
The Public Funds Investment Act is amended by
5
adding Section 2.4 as follows:

6

(30 ILCS 235/2.4 new)
7

Sec. 2.4.
Transactions with for-profit companies that
8
contract to shelter incarcerated or detained persons
9
prohibited.
10

(a) In this Section:
11

"Contract to shelter incarcerated or detained persons" has
12
the meaning given to that term in subsection (a) of Section
13
1-110.16 of the Illinois Pension Code.

14

"Local government" means a municipality with a population
15
of 500,000 or more or a county with a population of 3,000,000
16
or more.
17

(b) Notwithstanding any provision of law to the contrary,
18
a local government shall not invest public funds in any
19
investment instrument issued by a for-profit company that
20
contracts to shelter incarcerated or detained persons.
21

(c) No later than 6 months after the effective date of this
22
amendatory Act of the 104th General Assembly, a local
23
government shall identify those companies in which the local

HB4833
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LRB104 19093 RPS 32538 b
1
government owns direct holdings and indirect holdings of
2
for-profit companies that contract to shelter incarcerated or
3
detained persons that are on the list of restricted companies
4
published by the Illinois Investment Policy Board under
5
Section 1-110.16 of the Illinois Pension Code.
6

(d) A local government shall instruct its investment
7
advisors to sell, redeem, divest, or withdraw all holdings of
8
a for-profit company that enters into a contract to shelter
9
incarcerated or detained persons from the local government's
10
assets under management in an orderly and fiduciarily
11
responsible manner within 12 months after the company's most
12
recent appearance on the list of restricted companies
13
published by the Illinois Investment Policy Board list of
14
restricted companies under subsection (d) of Section 1-110.16
15
of the Pension Code.
16

(e) With respect to actions taken in compliance with this
17
Section, including all good-faith determinations regarding
18
companies as required by this Section, a local government is
19
exempt from any conflicting statutory or common law
20
obligations, including any fiduciary duties under this Act and
21
any obligations with respect to choice of asset managers,
22
investment funds, or investments for the local government's
23
securities portfolios.

24

Section 10.
The Illinois Pension Code is amended by
25
changing Section 1-110.16 as follows:

HB4833
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LRB104 19093 RPS 32538 b
1

(40 ILCS 5/1-110.16)
2

Sec. 1-110.16.
Transactions prohibited by retirement
3
systems;
certain
companies
that boycott Israel, for-profit
4
companies that contract to shelter migrant children,
5
Iran-restricted companies, Sudan-restricted companies,
6
expatriated entities, companies that are domiciled or have
7
their principal place of business in Russia or Belarus, and
8
companies that are subject to Russian Harmful Foreign
9
Activities Sanctions
.
10

(a) As used in this Section:
11

"Boycott Israel" means engaging in actions that are
12

politically motivated and are intended to penalize,
13

inflict economic harm on, or otherwise limit commercial
14

relations with the State of Israel or companies based in
15

the State of Israel or in territories controlled by the
16

State of Israel.
17

"Company" means any sole proprietorship, organization,
18

association, corporation, partnership, joint venture,
19

limited partnership, limited liability partnership,
20

limited liability company, or other entity or business
21

association, including all wholly owned subsidiaries,
22

majority-owned subsidiaries, parent companies, or
23

affiliates of those entities or business associations,
24

that exist for the purpose of making profit.
25

"Company that is subject to Russian Harmful Foreign

HB4833
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LRB104 19093 RPS 32538 b
1

Activities Sanctions" means a company that is subject to
2

sanctions under the Russian Harmful Foreign Activities
3

Sanctions Regulations (31 CFR Part 587), any Presidential
4

Executive Order imposing sanctions against Russia, or any
5

federal directive issued pursuant to any such Executive
6

Order.
7

"Contract to shelter incarcerated or detained persons"
8

means contracting with a local government, a state
9

government, or the federal government to shelter
10

individuals for the provision of services relating to
11

community correctional supervision, the operation of a
12

correctional facility, or the incarceration of persons for
13

violations of local, state, or federal criminal law or to
14

shelter individuals detained for federal civil immigration
15

violations under the federal Immigration and Nationality
16

Act. "Contract to shelter incarcerated or detained
17

persons" does not include a private contractor or private
18

vendor under item (1) or (2) of Section 3 of the Private
19

Correctional Facility Moratorium Act.

20

"Contract to shelter migrant children" means entering
21

into a contract with the federal government to shelter
22

migrant children under the federal Unaccompanied Alien
23

Children Program or a substantially similar federal
24

program.
25

"Direct holdings" in a company means all publicly
26

traded securities of that company that are held directly

HB4833
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LRB104 19093 RPS 32538 b
1

by the retirement system in an actively managed account or
2

fund in which the retirement system owns all shares or
3

interests.
4

"Expatriated entity" has the meaning ascribed to it in
5

Section 1-15.120 of the Illinois Procurement Code.
6

"Illinois Investment Policy Board" means the board
7

established under subsection (b) of this Section.
8

"Indirect holdings" in a company means all securities
9

of that company that are held in an account or fund, such
10

as a mutual fund, managed by one or more persons not
11

employed by the retirement system, in which the retirement
12

system owns shares or interests together with other
13

investors not subject to the provisions of this Section or
14

that are held in an index fund.
15

"Iran-restricted company" means a company that meets
16

the qualifications under Section 1-110.15 of this Code.
17

"Private market fund" means any private equity fund,
18

private equity funds of funds, venture capital fund, hedge
19

fund, hedge fund of funds, real estate fund, or other
20

investment vehicle that is not publicly traded.
21

"Restricted companies" means companies that boycott
22

Israel, for-profit companies that contract to shelter
23

migrant children
, for-profit companies that contract to
24

shelter incarcerated or detained persons
, Iran-restricted
25

companies, Sudan-restricted companies, expatriated
26

entities, companies that are domiciled or have their

HB4833
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LRB104 19093 RPS 32538 b
1

principal place of business in Russia or Belarus, and
2

companies that are subject to Russian Harmful Foreign
3

Activities Sanctions.
4

"Retirement system" means a retirement system
5

established under Article 2, 14, 15, 16, or 18 of this Code
6

or the Illinois State Board of Investment.
7

"Sudan-restricted company" means a company that meets
8

the qualifications under Section 1-110.6 of this Code.
9

(b) There shall be established an Illinois Investment
10
Policy Board. The Illinois Investment Policy Board shall
11
consist of 7 members. Each board of a pension fund or
12
investment board created under Article 15, 16, or 22A of this
13
Code shall appoint one member, and the Governor shall appoint
14
4 members. The Governor shall designate one member of the
15
Board as the Chairperson.
16

(b-5) The term of office of each member appointed by the
17
Governor, who is serving on the Board on June 30, 2022, is
18
abolished on that date. The terms of office of members
19
appointed by the Governor after June 30, 2022 shall be as
20
follows: 2 initial members shall be appointed for terms of 2
21
years, and 2 initial members shall be appointed for terms of 4
22
years. Thereafter, the members appointed by the Governor shall
23
hold office for 4 years, except that any member chosen to fill
24
a vacancy occurring otherwise than by expiration of a term
25
shall be appointed only for the unexpired term of the member
26
whom he or she shall succeed. Board members may be

HB4833
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LRB104 19093 RPS 32538 b
1
reappointed. The Governor may remove a Governor's appointee to
2
the Board for incompetence, neglect of duty, malfeasance, or
3
inability to serve.
4

(c) Notwithstanding any provision of law to the contrary,
5
beginning January 1, 2016, Sections 1-110.15 and 1-110.6 of
6
this Code shall be administered in accordance with this
7
Section.
8

(d) By April 1, 2016, the Illinois Investment Policy Board
9
shall make its best efforts to identify all Iran-restricted
10
companies, Sudan-restricted companies, and companies that
11
boycott Israel and assemble those identified companies into a
12
list of restricted companies, to be distributed to each
13
retirement system.
14

These efforts shall include the following, as appropriate
15
in the Illinois Investment Policy Board's judgment:
16

(1) reviewing and relying on publicly available
17

information regarding Iran-restricted companies,
18

Sudan-restricted companies, and companies that boycott
19

Israel, including information provided by nonprofit
20

organizations, research firms, and government entities;
21

(2) contacting asset managers contracted by the
22

retirement systems that invest in Iran-restricted
23

companies, Sudan-restricted companies, and companies that
24

boycott Israel;
25

(3) contacting other institutional investors that have
26

divested from or engaged with Iran-restricted companies,

HB4833
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LRB104 19093 RPS 32538 b
1

Sudan-restricted companies, and companies that boycott
2

Israel; and
3

(4) retaining an independent research firm to identify
4

Iran-restricted companies, Sudan-restricted companies,
5

and companies that boycott Israel.
6

The Illinois Investment Policy Board shall review the list
7
of restricted companies on a quarterly basis based on evolving
8
information from, among other sources, those listed in this
9
subsection (d) and distribute any updates to the list of
10
restricted companies to the retirement systems and the State
11
Treasurer.
12

By April 1, 2018, the Illinois Investment Policy Board
13
shall make its best efforts to identify all expatriated
14
entities and include those companies in the list of restricted
15
companies distributed to each retirement system and the State
16
Treasurer. These efforts shall include the following, as
17
appropriate in the Illinois Investment Policy Board's
18
judgment:
19

(1) reviewing and relying on publicly available
20

information regarding expatriated entities, including
21

information provided by nonprofit organizations, research
22

firms, and government entities;
23

(2) contacting asset managers contracted by the
24

retirement systems that invest in expatriated entities;
25

(3) contacting other institutional investors that have
26

divested from or engaged with expatriated entities; and

HB4833
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LRB104 19093 RPS 32538 b
1

(4) retaining an independent research firm to identify
2

expatriated entities.
3

By July 1, 2022, the Illinois Investment Policy Board
4
shall make its best efforts to identify all for-profit
5
companies that contract to shelter migrant children and
6
include those companies in the list of restricted companies
7
distributed to each retirement system. These efforts shall
8
include the following, as appropriate in the Illinois
9
Investment Policy Board's judgment:
10

(1) reviewing and relying on publicly available
11

information regarding for-profit companies that contract
12

to shelter migrant children, including information
13

provided by nonprofit organizations, research firms, and
14

government entities;
15

(2) contacting asset managers contracted by the
16

retirement systems that invest in for-profit companies
17

that contract to shelter migrant children;
18

(3) contacting other institutional investors that have
19

divested from or engaged with for-profit companies that
20

contract to shelter migrant children; and
21

(4) retaining an independent research firm to identify
22

for-profit companies that contract to shelter migrant
23

children.
24

No later than 6 months after the effective date of this
25
amendatory Act of the 102nd General Assembly, the Illinois
26
Investment Policy Board shall make its best efforts to

HB4833
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LRB104 19093 RPS 32538 b
1
identify all companies that are domiciled or have their
2
principal place of business in Russia or Belarus and companies
3
that are subject to Russian Harmful Foreign Activities
4
Sanctions and include those companies in the list of
5
restricted companies distributed to each retirement system.
6
These efforts shall include the following, as appropriate in
7
the Illinois Investment Policy Board's judgment:
8

(1) reviewing and relying on publicly available
9

information regarding companies that are domiciled or have
10

their principal place of business in Russia or Belarus and
11

companies that are subject to Russian Harmful Foreign
12

Activities Sanctions, including information provided by
13

nonprofit organizations, research firms, and government
14

entities;
15

(2) contacting asset managers contracted by the
16

retirement systems that invest in companies that are
17

domiciled or have their principal place of business in
18

Russia or Belarus and companies that are subject to
19

Russian Harmful Foreign Activities Sanctions;
20

(3) contacting other institutional investors that have
21

divested from or engaged with companies that are domiciled
22

or have their principal place of business in Russia or
23

Belarus and companies that are subject to Russian Harmful
24

Foreign Activities Sanctions; and
25

(4) retaining an independent research firm to identify
26

companies that are domiciled or have their principal place

HB4833
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LRB104 19093 RPS 32538 b
1

of business in Russia or Belarus and companies that are
2

subject to Russian Harmful Foreign Activities Sanctions.
3

No later than 6 months after the effective date of this
4
amendatory Act of the 104th General Assembly, the Illinois
5
Investment Policy Board shall make its best efforts to
6
identify all for-profit companies that contract to shelter
7
incarcerated or detained persons and include those companies
8
in the list of restricted companies distributed to each
9
retirement system. These efforts shall include the following,
10
as appropriate in the Illinois Investment Policy Board's
11
judgment:
12

(1) reviewing and relying on publicly available
13

information regarding for-profit companies that contract
14

to shelter incarcerated or detained persons, including
15

information provided by nonprofit organizations, research
16

firms, and government entities;
17

(2) contacting asset managers contracted by the
18

retirement systems that invest in for-profit companies
19

that contract to shelter incarcerated or detained persons;
20

(3) contacting other institutional investors that have
21

divested from or engaged with for-profit companies that
22

contract to shelter incarcerated or detained persons; and
23

(4) retaining an independent research firm to identify
24

for-profit companies that contract to shelter incarcerated
25

or detained persons.

26

(e) The Illinois Investment Policy Board shall adhere to

HB4833
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LRB104 19093 RPS 32538 b
1
the following procedures for companies on the list of
2
restricted companies:
3

(1) For each company newly identified in subsection
4

(d), the Illinois Investment Policy Board, unless it
5

determines by an affirmative vote that it is unfeasible,
6

shall send a written notice informing the company of its
7

status and that it may become subject to divestment or
8

shareholder activism by the retirement systems.
9

(2) If, following the Illinois Investment Policy
10

Board's engagement pursuant to this subsection (e) with a
11

restricted company, that company ceases activity that
12

designates the company to be an Iran-restricted company, a
13

Sudan-restricted company, a company that boycotts Israel,
14

an expatriated entity,
or
a for-profit company that
15

contracts to shelter migrant children
, or a for-profit
16

company that contracts to shelter incarcerated or detained
17

persons
, the company shall be removed from the list of
18

restricted companies and the provisions of this Section
19

shall cease to apply to it unless it resumes such
20

activities.
21

(3) For a company that is domiciled or has its
22

principal place of business in Russia or Belarus, if,
23

following the Illinois Investment Policy Board's
24

engagement pursuant to this subsection (e), that company
25

is no longer domiciled or has its principal place of
26

business in Russia or Belarus, the company shall be

HB4833
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LRB104 19093 RPS 32538 b
1

removed from the list of restricted companies and the
2

provisions of this Section shall cease to apply to it
3

unless it becomes domiciled or has its principal place of
4

business in Russia or Belarus.
5

(4) For a company that is subject to Russian Harmful
6

Foreign Activities Sanctions, if, following the Illinois
7

Investment Policy Board's engagement pursuant to this
8

subsection (e), that company is no longer subject to
9

Russian Harmful Foreign Activities Sanctions, the company
10

shall be removed from the list of restricted companies and
11

the provisions of this Section shall cease to apply to it
12

unless it becomes subject to Russian Harmful Foreign
13

Activities Sanctions.
14

(f) Except as provided in subsection (f-1) of this Section
15
the retirement system shall adhere to the following procedures
16
for companies on the list of restricted companies:
17

(1) The retirement system shall identify those
18

companies on the list of restricted companies in which the
19

retirement system owns direct holdings and indirect
20

holdings.
21

(2) The retirement system shall instruct its
22

investment advisors to sell, redeem, divest, or withdraw
23

all direct holdings of restricted companies from the
24

retirement system's assets under management in an orderly
25

and fiduciarily responsible manner within 12 months after
26

the company's most recent appearance on the list of

HB4833
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LRB104 19093 RPS 32538 b
1

restricted companies.
2

(3) The retirement system may not acquire securities
3

of restricted companies.
4

(4) The provisions of this subsection (f) do not apply
5

to the retirement system's indirect holdings or private
6

market funds. The Illinois Investment Policy Board shall
7

submit letters to the managers of those investment funds
8

containing restricted companies requesting that they
9

consider removing the companies from the fund or create a
10

similar actively managed fund having indirect holdings
11

devoid of the companies. If the manager creates a similar
12

fund, the retirement system shall replace all applicable
13

investments with investments in the similar fund in an
14

expedited timeframe consistent with prudent investing
15

standards.
16

(f-1) The retirement system shall adhere to the following
17
procedures for restricted companies that are expatriated
18
entities or for-profit companies that contract to shelter
19
migrant children:
20

(1) To the extent that the retirement system believes
21

that shareholder activism would be more impactful than
22

divestment, the retirement system shall have the authority
23

to engage with a restricted company prior to divesting.
24

(2) Subject to any applicable State or Federal laws,
25

methods of shareholder activism utilized by the retirement
26

system may include, but are not limited to, bringing

HB4833
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LRB104 19093 RPS 32538 b
1

shareholder resolutions and proxy voting on shareholder
2

resolutions.
3

(3) The retirement system shall report on its
4

shareholder activism and the outcome of such efforts to
5

the Illinois Investment Policy Board by April 1 of each
6

year.
7

(4) If the engagement efforts of the retirement system
8

are unsuccessful, then it shall adhere to the procedures
9

under subsection (f) of this Section.
10

(f-5) Beginning on the effective date of this amendatory
11
Act of the 102nd General Assembly, no retirement system shall
12
invest moneys in Russian or Belarusian sovereign debt, Russian
13
or Belarusian government-backed securities, any investment
14
instrument issued by an entity that is domiciled or has its
15
principal place of business in Russia or Belarus, or any
16
investment instrument issued by a company that is subject to
17
Russian Harmful Foreign Activities Sanctions, and no
18
retirement system shall invest or deposit State moneys in any
19
bank that is domiciled or has its principal place of business
20
in Russia or Belarus. As soon as practicable after the
21
effective date of this amendatory Act of the 102nd General
22
Assembly, each retirement system shall instruct its investment
23
advisors to sell, redeem, divest, or withdraw all direct
24
holdings of Russian or Belarusian sovereign debt and direct
25
holdings of Russian or Belarusian government-backed securities
26
from the retirement system's assets under management in an

HB4833
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LRB104 19093 RPS 32538 b
1
orderly and fiduciarily responsible manner.
2

Notwithstanding any provision of this Section to the
3
contrary, a retirement system may cease divestment pursuant to
4
this subsection (f-5) if clear and convincing evidence shows
5
that the value of investments in such Russian or Belarusian
6
sovereign debt and Russian or Belarusian government-backed
7
securities becomes equal to or less than 0.05% of the market
8
value of all assets under management by the retirement system.
9
For any cessation of divestment authorized by this subsection
10
(f-5), the retirement system shall provide a written notice to
11
the Illinois Investment Policy Board in advance of the
12
cessation of divestment, setting forth the reasons and
13
justification, supported by clear and convincing evidence, for
14
its decision to cease divestment under this subsection (f-5).
15

The provisions of this subsection (f-5) do not apply to
16
the retirement system's indirect holdings or private market
17
funds.
18

(g) Upon request, and by April 1 of each year, each
19
retirement system shall provide the Illinois Investment Policy
20
Board with information regarding investments sold, redeemed,
21
divested, or withdrawn in compliance with this Section.
22

(h) Notwithstanding any provision of this Section to the
23
contrary, a retirement system may cease divesting from
24
companies pursuant to subsection (f) if clear and convincing
25
evidence shows that the value of investments in such companies
26
becomes equal to or less than 0.5% of the market value of all

HB4833
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LRB104 19093 RPS 32538 b
1
assets under management by the retirement system
; except that
2
this subsection (h) does not apply to investments in
3
for-profit companies that contract to shelter incarcerated or
4
detained persons
. For any cessation of divestment authorized
5
by this subsection (h), the retirement system shall provide a
6
written notice to the Illinois Investment Policy Board in
7
advance of the cessation of divestment, setting forth the
8
reasons and justification, supported by clear and convincing
9
evidence, for its decision to cease divestment under
10
subsection (f).
11

(i) The cost associated with the activities of the
12
Illinois Investment Policy Board shall be borne by the boards
13
of each pension fund or investment board created under Article
14
15, 16, or 22A of this Code.
15

(j) With respect to actions taken in compliance with this
16
Section, including all good-faith determinations regarding
17
companies as required by this Section, the retirement system
18
and Illinois Investment Policy Board are exempt from any
19
conflicting statutory or common law obligations, including any
20
fiduciary duties under this Article and any obligations with
21
respect to choice of asset managers, investment funds, or
22
investments for the retirement system's securities portfolios.
23

(k) It is not the intent of the General Assembly in
24
enacting this amendatory Act of the 99th General Assembly to
25
cause divestiture from any company based in the United States
26
of America. The Illinois Investment Policy Board shall

HB4833
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LRB104 19093 RPS 32538 b
1
consider this intent when developing or reviewing the list of
2
restricted companies.
3

(l) If any provision of this amendatory Act of the 99th
4
General Assembly or its application to any person or
5
circumstance is held invalid, the invalidity of that provision
6
or application does not affect other provisions or
7
applications of this amendatory Act of the 99th General
8
Assembly that can be given effect without the invalid
9
provision or application.
10

If any provision of Public Act 100-551 or its application
11
to any person or circumstance is held invalid, the invalidity
12
of that provision or application does not affect other
13
provisions or applications of Public Act 100-551 that can be
14
given effect without the invalid provision or application.
15

If any provision of Public Act 102-118 or its application
16
to any person or circumstance is held invalid, the invalidity
17
of that provision or application does not affect other
18
provisions or applications of Public Act 102-118 that can be
19
given effect without the invalid provision or application.
20

If any provision of this amendatory Act of the 102nd
21
General Assembly or its application to any person or
22
circumstance is held invalid, the invalidity of that provision
23
or application does not affect other provisions or
24
applications of this amendatory Act of the 102nd General
25
Assembly that can be given effect without the invalid
26
provision or application.

HB4833
- 19 -
LRB104 19093 RPS 32538 b
1

If any provision of this amendatory Act of the 104th
2
General Assembly or its application to any person or
3
circumstance is held invalid, the invalidity of that provision
4
or application does not affect other provisions or
5
applications of this amendatory Act of the 104th General
6
Assembly that can be given effect without the invalid
7
provision or application.

8
(Source: P.A. 102-118, eff. 7-23-21; 102-699, eff. 4-19-22;
9
102-1108, eff. 12-21-22.)

10

Section 99.
Effective date.
This Act takes effect upon
11
becoming law.

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