Amendment #418 to H5150

Authorizing Retirement Systems to Divest from Fossil Fuels

Representatives Fernandes of Falmouth, Livingstone of Boston, Lewis of Framingham, Higgins of Leominster, Domb of Amherst, Sabadosa of Northampton and Provost of Somerville moves to amend the bill by adding the following section:

“SECTION XXXX: 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. 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 1 of the following sectors: (i) coal and consumable fuels; (ii) integrated oil and gas; or (iii) oil and gas exploration and production.”

Additional co-sponsor(s) added to Amendment #418 to H5150

Authorizing Retirement Systems to Divest from Fossil Fuels