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SENATE DOCKET, NO. 1747 FILED ON: 1/19/2023
SENATE . . . . . . . . . . . . . . No. 1723
The Commonwealth of Massachusetts
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PRESENTED BY:
Marc R. Pacheco
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To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:
The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:
An Act authorizing independent retirement boards to divest from fossil fuel companies.
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PETITION OF:
NAME:DISTRICT/ADDRESS :Marc R. PachecoThird Bristol and Plymouth 1 of 2
SENATE DOCKET, NO. 1747 FILED ON: 1/19/2023
SENATE . . . . . . . . . . . . . . No. 1723
By Mr. Pacheco, a petition (accompanied by bill, Senate, No. 1723) of Marc R. Pacheco for
legislation to authorize independent retirement boards to divest from fossil fuel companies.
Public Service.
[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE SENATE, NO. 722 OF 2021-2022.]
The Commonwealth of Massachusetts
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In the One Hundred and Ninety-Third General Court
(2023-2024)
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An Act authorizing independent retirement boards to divest from fossil fuel companies.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority
of the same, as follows:
1 SECTION 1. For the purposes of this section, an “independent retirement system” shall
2mean any Massachusetts public pension system under the oversight, monitoring, and regulation
3of the public employee retirement administration commission, except the state employees
4retirement system, the state teachers’ retirement system, and the State-Boston retirement system
5in so far as the assets attributable to teachers who are members of that system; and a “fossil fuel
6company” shall mean a company identified by a Global Industry Classification Standard code in
7one of the following sectors: (1) coal and consumable fuels; (2) integrated oil and gas; or (3) oil
8and gas exploration and production.
9 Notwithstanding any general or special law to the contrary, any independent retirement
10system may, in accordance with the procurement process under section 23B of chapter 32 of the 2 of 2
11General Laws, divest in whole or in part from any investment in fossil fuel companies, the assets
12of which remain under the direct control and management of the independent retirement system,
13and are not separately managed or invested by the Pension Reserves Investment Management
14Board. In accordance with this section, the board of an independent retirement system may, after
15following the procurement process under said section 23B of said chapter 32, invest in index
16funds or other investment vehicles that may not include fossil fuel companies.
17 SECTION 2. Notwithstanding any general or special law to the contrary, with respect to
18actions taken in compliance with this act, the public fund shall be exempt from any conflicting
19statutory or common law obligations, including any such obligations with respect to choice of
20asset managers, investment funds or investments for the public fund’s securities portfolios and
21all good faith determinations regarding companies as required by this act
22 SECTION 3. This act shall take effect upon its passage.