SENATE, No. 2255

Senate June 4, 2007

The committee on Ways and Means to whom was referred the Senate Bill relative to pension divestment (Senate, No. 2217), reported, recommending that the same ought to pass, with an amendment substituting a new draft with the same title (Senate, No. 2255).

Steven C. Panagiotakos,
For the committee.

Version with line numberspdf logo

The Commonwealth of Massachusetts

Seal of the Commonwealth of Massachusetts

In the Year Two Thousand and Seven.


AN ACT RELATIVE TO PENSION DIVESTMENT

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

SECTION 1. Section 23 of chapter 32 of the General Laws, as appearing in the 2006 Official Edition, is hereby amended by inserting after the word “engaged”, in lines 383 and 384, the following words:-  “; provided further, that the PRIM board shall review the extent to which the assets of a state pension or annuity fund are invested in the stocks, securities or other obligations of a corporation or company or a subsidiary, affiliate or parent of a corporation or company, doing business in or with the nation of Sudan or its instrumentalities and, in accordance with sound investment criteria and consistent with the PRIM board’s fiduciary obligations, divest any such holdings,  and the PRIM board may not invest any assets in any such stocks, securities or other obligations.