SPRINGFIELD – State Senator Mike Porfirio is backing House Bill 2723, introduced by State Representative Abdelnasser Rashid, which would lift state pension investment restrictions placed on companies engaged in boycotts of Israel. Porfirio plans to file a bill in the Illinois Senate with identical language this week.

“Public pension funds should prioritize fiscal responsibility,” said Porfirio (D- Lyons Township).

In Illinois, public pensions are managed through administered retirement systems. The systems invest funds into assets such as stocks, bonds and real estate, and in return, guarantee annual benefits to employees once they retire.

Current law prevents the Illinois Investment Policy Board from investing public pension funds in companies that intentionally engaged in boycotts of Israel. House Bill 2723 would lift this restriction, allowing the state to invest in companies solely based on financial standards.

House Bill 2723 awaits committee assignment in the Illinois House of Representatives. The bill introduced by Porfirio will await assignment once filed.