HB1296 Summary

• Amends the Illinois Pension Code to prohibit state retirement systems from investing in firearm and ammunition manufacturing companies licensed under federal law.

• Requires each retirement system to identify all direct and indirect holdings in firearm manufacturing companies within 90 days and maintain an annually updated list.

• Mandates retirement systems divest from all publicly traded securities of firearm manufacturers within 12 months after a company appears on the list, following a 90-day engagement period.

• Prohibits retirement systems from acquiring any new securities of companies on the firearm manufacturing list.

• Requires retirement systems to file initial and annual reports with the Department of Financial and Professional Regulation detailing divestment actions and engagement efforts.