IL HB4833

Illinois Investment Policy Board must identify all for-profit companies that contract to operate private prisons, detention facilities, or immigration detention centers and add them to the state's restricted companies list for pension fund investments.

State retirement systems must divest from for-profit private prison and detention companies, with no exception for investments valued at 0.5% or less of total assets under management (an exception that applies to other restricted company categories).

Municipalities with populations of 500,000+ (Chicago) and counties with populations of 3,000,000+ (Cook County) are prohibited from investing public funds in private prison companies.

Affected local governments must identify current holdings in private prison companies within 6 months and divest all holdings within 12 months of a company appearing on the restricted list, conducted in an orderly and fiduciarily responsible manner.

Private contractors providing ancillary services to correctional facilities (rather than operating the facilities themselves) are excluded from the definition and not subject to divestment requirements.