SB3545 Summary

• Amends Illinois Pension Code to require the Illinois Investment Policy Board to identify major opioid manufacturers and add them to the restricted companies list by July 1, 2019.

• Expands the definition of "restricted companies" to include major opioid manufacturers alongside existing categories (Iran-restricted companies, Sudan-restricted companies, Israel boycott companies, and expatriated entities).

• Requires retirement systems to divest from direct holdings in restricted opioid manufacturers within 12 months of the company appearing on the restricted list and prohibits acquiring new securities from these companies.

• Instructs the Illinois Investment Policy Board to identify opioid manufacturers through publicly available information, asset manager contacts, institutional investor coordination, and potentially retaining independent research firms.

• Applies the same engagement and divestment procedures to opioid manufacturers as other restricted companies, with exemptions for indirect holdings and private market funds unless managers create alternative funds without restricted companies.