IL HB2248

Requires each of 5 state-funded retirement systems to identify firearm manufacturing companies in which they hold direct or indirect securities within 90 days of the bill's effective date.

Retirement systems must send written notice to newly identified firearm companies that they may become subject to divestment and allow 90 days for the company to cease firearms manufacturing.

Retirement systems must sell, redeem, divest, or withdraw all publicly traded securities from firearm manufacturing companies within 12 months if those companies continue manufacturing firearms after the 90-day engagement period.

Retirement systems are prohibited from acquiring new securities of companies on the firearm manufacturing companies list, which must be maintained and updated annually.

Retirement systems must file initial and annual public reports to the Department of Financial and Professional Regulation documenting company correspondence, divested investments, and prohibited investments, and are exempted from conflicting fiduciary duty obligations when complying with this law.