As it passed the House, HB 2460 amends the General Provisions article of the Illinois Pension Code to require investment policies to include sustainability factors to be considered in evaluating investment decisions.
Specifically, HB 2460 requires every retirement system, pension fund, or investment board subject to the Illinois Pension Code to adopt a written investment policy and file a copy of that policy with the Department of Insurance within 30 days after its adoption. The investment policy must include material, relevant, and decision-useful sustainability factors to be considered by the board within the bounds of financial and fiduciary predence, in evaluating investment decisions. Sustainability factors include, but are not limited to: (1) corporate governance and leadership factors; (2) environmental factors; (3) social capital factors; (4) human capital factors; and (5) business model and innovation factors, as provided under the Illinois Sustainable Investing Act. Whenever a board changes its investment policy, it must file a copy of the new policy with the Department of Insurance within 30 days.
HB 2460 also makes other changes.
HB 2460 takes effect in accordance with the Effective Date of Laws Act.
As introduced, HB 2460 is identical to SB 2062 of the 101st General Assembly.