Bill > H2900

This bill requires the Massachusetts public pension fund (specifically the Pension Reserves Investment Trust) to divest from companies involved in manufacturing or selling ammunition, firearms, and firearm accessories for non-law enforcement or non-military purposes. The bill defines these companies as those deriving more than 15% of their revenues from such activities. Within 30 days of enactment, the public fund must identify and list all such companies in which it holds direct or indirect investments. The fund is then required to sell or withdraw all publicly-traded securities of these companies within 12 months, though this does not apply to indirect holdings in actively managed investment funds. The bill allows the fund to temporarily pause divestment if doing so would reduce the total asset value by more than 0.5%, but requires detailed reporting on such decisions. The legislation also provides legal protection for board members, officers, and investment managers involved in implementing these divestment strategies, indemnifying them from potential legal challenges. Additionally, the public fund must file annual reports detailing the investments sold and those still pending divestment, ensuring transparency in the process of moving away from companies involved in ammunition and firearm manufacturing and sales.

Labor and Employment

https://malegislature.gov/Bills/194/H2900