Bill > H2269

This bill mandates that the Pension Reserves Investment Management Board, which manages state pension funds for employees and teachers, must divest from fossil fuel companies. Within 30 days of the bill's enactment, the board must identify all companies involved in coal, integrated oil and gas, or oil and gas exploration and production where the fund has direct or indirect holdings, meaning investments directly owned or held within mutual funds. Over the next five years, the fund must gradually sell off these investments, removing at least 20% annually, and is prohibited from acquiring new fossil fuel company assets. While exceptions exist for indirect holdings in actively managed funds, the board must still encourage fund managers to remove fossil fuel companies or create alternative funds without them. The bill also provides an exemption from conflicting investment obligations for actions taken to comply with these divestment requirements and allows for a temporary halt or reversal of divestment only if it significantly harms the fund's overall value, requiring detailed reporting to state officials in such cases.