Bill > S1861

This bill allows independent retirement systems in Massachusetts to divest from fossil fuel companies by providing clear definitions and legal permission to do so. Specifically, the bill defines an "independent retirement system" as any Massachusetts public pension system overseen by the public employee retirement administration commission, and a "fossil fuel company" as businesses classified under specific Global Industry Classification Standard codes related to coal, integrated oil and gas, or oil and gas exploration and production. The bill empowers the board of an independent retirement system to divest entirely or partially from fossil fuel company investments, following the existing procurement process outlined in section 23B of chapter 32 of the General Laws. Additionally, the retirement system boards are authorized to invest in index funds or other investment vehicles that may exclude fossil fuel companies. The legislation provides flexibility for these retirement systems to make investment decisions aligned with potential environmental or ethical considerations without legal barriers, and the bill will take effect immediately upon passage.

Labor and Employment

https://malegislature.gov/Bills/194/S1861