The Illinois House has approved a bill prohibiting the state's public pension funds from investing in companies with any links to Sudan. The measure, sponsored by state Sen. Jacqueline Collins, was approved 89-23 on Tuesday and awaits Gov. Rod Blagojevich's approval.
According to the bill, 60% of the pension fund's assets must be divested from companies that do business in or with Sudan one year after the effective date of the act. Eighteen months after the effective date, pension systems must be 100% divested.
Systems affected by the measure include the $10.6 billion Illinois State Board of Investment, Chicago; the $33 billion Illinois State Teachers' Retirement System, Springfield; the $13.1 billion Illinois State Universities Retirement System, Champaign; and the $17.8 billion Illinois Municipal Retirement Fund, Oak Brook. Overall, Illinois pension systems could divest more than $1 billion in assets as a result of the bill.