Bill > H2676

This bill amends Chapter 32 of the General Laws to add requirements for certain domestic equity investments made by the Massachusetts Pension Reserve Investment Management (MassPRIM). For investments where MassPRIM has an equity interest greater than 50%, the Chief Investment Officer (CIO) or external manager must ensure that developers and operators use "responsible contractors" who pay fair wages and benefits, and that operators make a good faith effort to secure an agreement with a labor organization to avoid strikes or economic action. For investments where MassPRIM's equity interest is 50% or less, the CIO is encouraged to promote these practices with external managers. The CIO is also required to exercise due diligence in selecting external managers and cannot approve investments that could eliminate public sector jobs, pose reputational risks, or subject the retirement systems to regulatory scrutiny.

Labor and Employment

https://malegislature.gov/Bills/193/H2676