IL HB0775

Requires every Illinois pension fund (except Downstate Police and Downstate Firefighter funds) to develop a climate change risk minimization policy by December 31, 2018.

Policy must assess financial risks to pension fund investments from climate change as defined by the United Nations Framework Convention on Climate Change, including severe drought, coastal flooding, and intense hurricanes.

Policy must document data sources used for projections, including insurance company projections, UN climate data, and EPA information, and must be updated annually and published on the pension fund's website with previous versions retained for 5 years.

Authorizes pension funds to establish voting policies for corporate equity shareholder resolutions and director elections to advance climate risk minimization, including voting for policies that reduce corporate carbon emissions.

Exempts implementation costs from state reimbursement requirements under the State Mandates Act and takes effect immediately upon becoming law.