Amendment #70 to H4912

Authorizing independent retirement systems to divest from fossil fuel companies

Representatives Fernandes of Falmouth, Livingstone of Boston, Vitolo of Brookline, Elugardo of Boston, Garballey of Arlington, Lewis of Framingham, Hecht of Watertown, Provost of Somerville, Barber of Somerville, Sabadosa of Northampton and Connolly of Cambridge move to amend the bill, as amended, by adding the following section:-

SECTION X. (a) For the purposes of this section, an “independent retirement system” shall mean any Massachusetts public pension system under the oversight, monitoring, and regulation of the public employee retirement administration commission; and a “fossil fuel company” shall mean a company identified by a Global Industry Classification Standard code in one of the following sectors: (1) coal and consumable fuels; (2) integrated oil and gas; or (3) oil and gas exploration and production.

(b) Notwithstanding any general or special law to the contrary, any independent retirement system may, in accordance with the procurement process under section 23B of chapter 32 of the General Laws, divest in whole or in part from any investment in fossil fuel companies. In accordance with this section, the board of an independent retirement system may, after following the procurement process under said section 23B of said chapter 32, invest in index funds or other investment vehicles that may not include fossil fuel companies.

Additional co-sponsor(s) added to Amendment #70 to H4912

Authorizing independent retirement systems to divest from fossil fuel companies