SB3342
View on ILGADIVEST PRIVATE PRISONS
What this bill does
Amends the General Provisions Article of the Illinois Pension Code. Requires the Illinois Investment Policy Board to make its best efforts to identify all for-profit companies that contract to shelter incarcerated or detained persons and to include those companies in the list of restricted companies for purposes of investment distributed to each retirement system and the Illinois State Board of Investment. Provides that an exception to divestment requirements for investments that are equal to or less than 0.5% of the market value of all assets under management by the retirement does not apply to investments in for-profit companies that contract to shelter incarcerated or detained persons. Makes conforming changes. Amends the Public Funds Investment Act. Provides that a municipality with a population of 500,000 or more or a county with a population of 3,000,000 or more shall not invest public funds in an investment instrument issued by for-profit companies that contract to shelter incarcerated or detained persons. Requires such a municipality or county to instruct its investment advisors to sell, redeem, divest, or withdraw all holdings of a for-profit company that enters into a contract to shelter incarcerated or detained persons from the local government's assets under management in an orderly and fiduciarily responsible manner within 12 months after the company's most recent appearance on the list of restricted companies published by the Illinois Investment Policy Board. Effective immediately.
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Current stage: In Committee · Last action 62 days ago · SLOW
How does a bill become law in Illinois?
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Introduction of Bill
A member of the Senate or the House introduces a bill, which is assigned a unique identifying number (e.g., "H.B. ___" for House bills and "S.B. ___" for Senate bills). If not enacted, it must be reintroduced in the next General Assembly with a new number.
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Committee Work — Hearings
The bill goes to the appropriate committee, which holds hearings to gather expert opinions and determine the need for the legislation.
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Committee Work — Markup, Amendments, Report
The committee may make amendments to the bill. If approved, a committee report endorsing the bill is issued.
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Floor Debate
The bill is debated and can be further amended. The debate transcripts are accessible online for public viewing.
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Passage and Consideration in Second Chamber
If the bill passes in the first chamber, it moves to the second chamber for a similar review process. If both chambers approve, it goes to the governor.
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Gubernatorial Action
The governor can sign the bill into law, veto it, or take no action (resulting in an automatic law after 60 days). The type of veto can be total or amendatory. Once signed, the bill becomes a Public Act and is assigned a Public Act number.
Sponsor Context
Hearings
This bill has not been scheduled for a committee hearing.
Action History
4 actions recorded. Last action: 2026-02-06 — Added as Chief Co-SponsorSen. Robert Peters. Each action's meaning and outcome signal are classified automatically.
All actions (table)
| Date | Chamber | Action | Category | Signal |
|---|---|---|---|---|
| 2026-02-04 | Senate | Filed with Secretary bySen. Graciela Guzmán Rule 2-7(b) | Introduction & Filing | — |
| 2026-02-04 | Senate | First Reading Senate Rule 5-1(d)/5-2; House Rule 37(d)/38 | Introduction & Filing | — |
| 2026-02-04 | Senate | Referred toAssignments Senate Rule 3-8(a); House Rule 18(a) | Committee Assignment | — |
| 2026-02-06 | Senate | Added as Chief Co-SponsorSen. Robert Peters Senate Rule 5-1(a); House Rule 37(a) | Co-Sponsorship | Mild + |