IL HB3061

Amends the Illinois Pension Code to add companies that contract to build a border wall to the list of restricted companies for divestment purposes, effective July 1, 2017.

Establishes a 7-member Illinois Investment Policy Board to identify and maintain a list of restricted companies including those that boycott Israel, contract for border wall construction, and companies restricted due to Iran and Sudan sanctions.

Requires retirement systems to divest direct holdings in restricted companies within 12 months of their appearance on the restricted list and prohibits acquisition of new securities in these companies.

Exempts retirement systems and the Investment Policy Board from fiduciary duties and other conflicting statutory obligations when taking divestment actions in compliance with this Section.

Exempts indirect holdings and private market funds from mandatory divestment requirements, though the Investment Policy Board must request fund managers to consider removing restricted companies from their portfolios.