Illinois’ five state retirement systems would have to divest their holdings in Iran-connected companies in energy and other natural resource-related areas under an amendment to a bill in the House State Government Administration Committee adopted Wednesday. The committee also passed the bill out to the full House. State Rep. Lou Lang, assistant House majority leader, said the House could vote on the bill next week; he expects it to pass. The state Senate would then also have to vote on the bill, which also involves state procurement policy.
The bill affects the $39.7 billion Illinois Teachers’ Retirement System, Springfield; the $15.5 billion Illinois State Universities Retirement System, Champaign; and the funds overseen by the $12.3 billion Illinois State Board of Investment, Chicago: the Illinois State Employees’ Retirement System, the Judges’ Retirement System and the General Assembly Retirement System.
“The bill appears to affect 20 to 25 international companies, most of which we wouldn’t invest in anyway,” said William R. Atwood, executive director of the Illinois State Board. “The (Iran) bill wouldn’t have a material effect on our portfolio.”
