IL HB3428

Amends the Illinois Pension Code to require the Illinois Investment Policy Board to identify for-profit companies that contract with the federal government to shelter migrant children under the Unaccompanied Alien Children Program by July 1, 2020.

Adds for-profit companies contracting to shelter migrant children to the list of "restricted companies" that Illinois retirement systems must avoid investing in, alongside existing restrictions on companies that boycott Israel, Iran-restricted companies, Sudan-restricted companies, and expatriated entities.

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

Directs the Illinois Investment Policy Board to use multiple identification methods including reviewing publicly available information, contacting asset managers and institutional investors, and potentially retaining independent research firms to identify restricted companies.

Takes effect immediately upon enactment.