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Legislative Year: 2021 Change
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Bill Detail: HB21-1246

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Title PERA Public Employees' Retirement Association Divestment From Fossil Fuel Companies
Status House Committee on Finance Postpone Indefinitely (04/19/2021)
Bill Subjects
  • State Government
House Sponsors E. Sirota (D)
Senate Sponsors S. Jaquez Lewis (D)
House Committee Finance
Senate Committee
Date Introduced 03/25/2021
Summary

The public employees' retirement association (PERA) board
(board) is required to create an exclusion list of all fossil fuel companies
in whose stocks, securities, equities, assets, or other obligations PERA
has any money or assets directly invested. The board is required to notify
any company on the list of its inclusion on the list and of the divestment

requirements of the bill. The board is required to periodically update the
exclusion list.
A company that was included on the exclusion list may request
that it be removed from the list on the basis of clear and convincing
evidence that it is not currently a fossil fuel company or that it will no
longer meet such definition by a certain date.
Within 6 months from the completion of the exclusion list, the
board is required to issue a determination as to whether divestment from
the companies on the exclusion list complies with the board's fiduciary
obligations. If the board determines that divestment from any company
on the exclusion list does not comply with its fiduciary obligations, the
board will remove the company from the exclusion list.
Beginning one year after the effective date of the bill, the board is
required to:
  • Divest the funds managed by PERA (fund) of any stocks,
securities, equities, assets, or other obligations of
companies on the exclusion list in which any money or
assets of the fund are directly invested; and
  • Cease new direct investments of any money or assets of the
fund in any stocks, securities, or other obligations of any
company that is a fossil fuel company.
The board is required to complete divestment from fossil fuel
companies by a specified date.
Beginning one year after the effective date of the bill, the board is
required to endeavor to ensure that no money or assets of the fund are
invested in an indirect investment vehicle unless the board is satisfied that
such indirect investment vehicle is unlikely to have in excess of 2% of its
assets directly or indirectly invested in fossil fuel companies.
The board is required to issue periodic reports to the members of
the pension review commission of the general assembly outlining all
actions taken to comply with the requirements of the bill.

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