Bill > S1796

This bill amends Chapter 32 of the General Laws, focusing on pension fund management and investment practices. The legislation establishes detailed guidelines for the Pension Reserves Investment Management (PRIM) Board, which oversees the Pension Reserves Investment Trust (PRIT) Fund, a collective investment vehicle for several public retirement systems. Key provisions include mandating that retirement system funds be invested through the PRIT Fund, with specific restrictions on investments, such as prohibiting investments in companies deriving more than 15% of revenues from tobacco products. The bill emphasizes investing in ways that benefit the commonwealth's economic climate, prioritize workers' welfare, and support small businesses. It also introduces diversity goals, requiring that at least 20% of investment managers be minorities, females, or persons with disabilities, and that 20% of contracts be awarded to businesses owned by these groups. The legislation establishes rigorous reporting requirements, fiduciary standards for board members, and mechanisms for monitoring investment practices, with the overarching aim of protecting the financial interests of pension beneficiaries while promoting economic and social welfare within the state.

Labor and Employment

https://malegislature.gov/Bills/194/S1796