MA H2791

Bill

Concerning investments of the Massachusetts Pension Reserve Investment Management (PRIM)

Introduced
03/29/2021

In Committee
03/29/2021

Crossed Over

Passed

Dead
12/31/2022

Introduced Session

192nd General Court

Bill Summary

Relative to certain investments of the Massachusetts Pension Reserve Investment Management. Public Service.

AI Summary

This bill aims to amend Chapter 32 of the General Laws to establish certain requirements and guidelines for the Massachusetts Pension Reserve Investment Management (MassPRIM) when making domestic equity investments in the private real estate, private equity, and private infrastructure asset classes. The key provisions include: requiring developers and operators of enterprises financed by MassPRIM to use responsible contractors for construction-related activities and make good faith efforts to secure labor peace agreements for long-term operations; encouraging MassPRIM's external managers to follow similar practices even for investments where MassPRIM's equity interest is 50% or less; prohibiting investments that could eliminate public sector jobs or pose reputational risks; and mandating due diligence on external managers' compliance and labor relations records. The bill also grants MassPRIM the authority to sell, redeem, divest, or withdraw any investments in violation of Section 106 of Chapter 32.

Committee Categories

Labor and Employment

Sponsors (1)

Erika Uyterhoeven (D)*,

Last Action

Accompanied a study order, see H4960 (on 07/05/2022)

Official Document

https://malegislature.gov/Bills/192/H2791

(9 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://malegislature.gov/Bills/192/H2791
Bill	https://malegislature.gov/Bills/192/H2791.pdf

Bill	Bill Name	Last Action	Type
H1164	Relative to investments by fraternal benefit societies	No further action taken	Similar To
H2890	Providing for climate change adaptation infrastructure and affordable housing investments in the Commonwealth	Accompanied a study order, see H5351	Similar To
H3388	Relative to investments in tourism and visitation marketing and promotion	Accompanied a study order, see H4967	Similar To
H4960	Public service matters	No further action taken	Replaced by
S1364	Authorizing certain investments by the Treasurer of the town of Milton	Signed by the Governor, Chapter 60 of the Acts of 2021	Similar To
S1737	Relative to the membership of the PRIM board	Accompanied H2751	Similar To
S1765	Relative to the cost of living adjustment for public retirees	Accompanied a study order, see S2679	Similar To
S31	Authorizing certain investments by the Treasurer of the town of East Bridgewater	Signed by the Governor, Chapter 13 of the Acts of 2021	Similar To
S692	Relative to the Massachusetts Credit Union Share Insurance Corporation	Accompanied a study order, see S2699	Similar To

Bill > H2791

MA H2791

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (1)

Last Action

Official Document

bill text

bill summary

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