IL HB2427 | 2023-2024 | 103rd General Assembly

Status

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 14 2023 - 25% progression
Action: 2024-04-05 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the General Provisions Article of the Illinois Pension Code. By no later than December 31, 2023, requires every pension fund, except for a Downstate Police or Downstate Firefighter fund, to develop a climate change risk minimization policy. Provides that the policy shall consider the financial risk to the investments held by the pension fund in the event of different levels of climate change, as defined by the United Nations Framework Convention on Climate Change. Requires the policy to explain what sources of data, which must include specified sources, were used to make certain projections. Requires the policy to consider the scope of the financial risk of climate-related events. Authorizes the pension fund to determine a policy for all corporate equities held by the pension fund on voting for shareholder resolutions and directors to advance corporate policies that minimize the long-term risk to the pension fund's assets from increased climate change. Requires the policy to be updated annually and published on the pension fund's website. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

Tracking Information

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Title

PEN CD-CLIMATE CHANGE POLICY

Sponsors


History

DateChamberAction
2024-04-05HouseRule 19(a) / Re-referred to Rules Committee
2024-02-28HouseAssigned to Personnel & Pensions Committee
2023-03-10HouseRule 19(a) / Re-referred to Rules Committee
2023-02-28HouseAssigned to Personnel & Pensions Committee
2023-02-15HouseReferred to Rules Committee
2023-02-15HouseFirst Reading
2023-02-14HouseFiled with the Clerk by Rep. Camille Y. Lilly

Code Citations

ChapterArticleSectionCitation TypeStatute Text
308058.47New CodeSee Bill Text
4051-113.65New CodeSee Bill Text

Illinois State Sources


Bill Comments

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