Massachusetts 2025-2026 Regular Session

Massachusetts House Bill H2900 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	1 of 1
2	2	HOUSE DOCKET, NO. 1565 FILED ON: 1/15/2025
3	3	HOUSE . . . . . . . . . . . . . . . No. 2900
4	4	The Commonwealth of Massachusetts
5	5	_________________
6	6	PRESENTED BY:
7	7	Jay D. Livingstone and Mindy Domb
8	8	_________________
9	9	To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
10	10	Court assembled:
11	11	The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:
12	12	An Act requiring public pension fund divestment from ammunition and firearms.
13	13	_______________
14	14	PETITION OF:
15	15	NAME:DISTRICT/ADDRESS :DATE ADDED:Jay D. Livingstone8th Suffolk1/15/2025Mindy Domb3rd Hampshire1/15/2025 1 of 5
16	16	HOUSE DOCKET, NO. 1565 FILED ON: 1/15/2025
17	17	HOUSE . . . . . . . . . . . . . . . No. 2900
18	18	By Representatives Livingstone of Boston and Domb of Amherst, a petition (accompanied by
19	19	bill, House, No. 2900) of Jay D. Livingstone and Mindy Domb relative to requiring public
20	20	pension fund divestment from ammunition and firearms. Public Service.
21	21	The Commonwealth of Massachusetts
22	22	_______________
23	23	In the One Hundred and Ninety-Fourth General Court
24	24	(2025-2026)
25	25	_______________
26	26	An Act requiring public pension fund divestment from ammunition and firearms.
27	27	Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority
28	28	of the same, as follows:
29	29	1 SECTION 1. As used in this act the following words shall, unless the context clearly
30	30	2requires otherwise, have the following meanings:-
31	31	3 “Ammunition”, ammunition as defined in section 121 of chapter 140 of the General
32	32	4Laws, as amended by section 18 of the acts of 2017.
33	33	5 “Ammunition manufacturing company”, a company that derives more than 15 per cent of
34	34	6its revenues from the manufacture of ammunition offered for sale for non-law enforcement or
35	35	7non-military purposes.
36	36	8 “Ammunition retailing company”, a company that derives more than 15 per cent of its
37	37	9revenues from the sale of ammunition for non-law enforcement or non-military purposes.
38	38	10 “Board”, the Pension Reserves Investment Management Board established in section 23
39	39	11of chapter 32 of the General Laws. 2 of 5
40	40	12 “Company”, a sole proprietorship, organization, association, corporation, partnership,
41	41	13joint venture, limited partnership, limited liability partnership, limited liability company or other
42	42	14entity or business association, including all wholly-owned subsidiaries, majority-owned
43	43	15subsidiaries, parent companies or affiliates of such entities or business associations that exist for
44	44	16profit-making purposes.
45	45	17 “Direct holdings”, all securities of a company held directly by the public fund or in an
46	46	18account or fund in which the public fund owns all shares or interests.
47	47	19 "Firearm", an assault weapon, firearm, large capacity weapon, machine gun, rifle, sawed-
48	48	20off shotgun, or shotgun as defined by section 121 of chapter 140 of the General Laws, as
49	49	21amended by section 18 of the acts of 2017.
50	50	22 “Firearm manufacturing company”, a company that derives more than 15 per cent of its
51	51	23revenues from the manufacture of firearms offered for sale for non-law enforcement or non-
52	52	24military purposes.
53	53	25 “Firearm retailing company”, a company that derives more than 15 per cent of its
54	54	26revenues from the sale of firearms for non-law enforcement or non-military purposes.
55	55	27 “Firearm Accessory”, a bump stock, large capacity feeding device, or trigger crank as
56	56	28defined in section 121 of chapter 140, as amended by section 18 of the acts of 2017.
57	57	29 “Firearm accessory manufacturing company”, a company that derives more than 15 per
58	58	30cent of its revenues from the manufacture of firearm accessories for sale for non-law
59	59	31enforcement or non-military purposes. 3 of 5
60	60	32 “Firearm accessory retailing company”, a company that derives more than 15 per cent of
61	61	33its revenues from the sale of firearm accessories for non-law enforcement or non-military
62	62	34purposes.
63	63	35 “Indirect holdings”, all securities of a company held in an account or fund, such as a
64	64	36mutual fund, managed by 1 or more persons not employed by the public fund, in which the
65	65	37public fund owns shares or interests together with other investors not subject to this act.
66	66	38 “Public fund”, the Pension Reserves Investment Trust or the Pension Reserves
67	67	39Investment Management Board charged with managing the pooled investment fund consisting of
68	68	40the assets of the state employees’ and teachers’ retirement systems as well as the assets of local
69	69	41retirement systems under the control of the board.
70	70	42 SECTION 2. Notwithstanding any general or special law to the contrary, within 30 days
71	71	43of enactment, the public fund shall identify all ammunition, firearm or firearm accessory
72	72	44manufacturing or retailing companies in which the fund owns direct or indirect holdings and
73	73	45shall file a list of any such holdings with the attorney general and with the clerks of the senate
74	74	46and the house of representatives.
75	75	47 SECTION 3. Notwithstanding any general or special law to the contrary, it shall be the
76	76	48settled policy of the public fund and of the board of the public fund not to invest in any
77	77	49ammunition, firearm or firearm accessory manufacturing or retailing companies. The public fund
78	78	50shall sell, redeem, divest or withdraw all publicly-traded securities of each company identified
79	79	51pursuant to section 2 of this act within 12 months of enactment. This section shall not apply to
80	80	52indirect holdings in actively managed investment funds; provided, however, that the public fund
81	81	53shall submit letters to the managers of any such investment funds that contain companies 4 of 5
82	82	54identified pursuant to section 2 of this act, requesting that they remove such companies from the
83	83	55investment fund or create a similar actively managed fund with indirect holdings devoid of such
84	84	56companies.
85	85	57 SECTION 4. Notwithstanding any general or special law to the contrary, with respect to
86	86	58actions taken in compliance with this act, the public fund shall be exempt from any conflicting
87	87	59statutory or common law obligation, including any such obligations with respect to choice of
88	88	60asset managers, investment funds or investments for the public fund’s securities portfolios and
89	89	61all good faith determinations regarding ammunition, firearm or firearm accessory manufacturing
90	90	62or retailing companies.
91	91	63 SECTION 5. Notwithstanding any general or special law to the contrary, the public fund
92	92	64shall be permitted to cease divesting from companies identified pursuant to section 2 of this act,
93	93	65to reinvest in companies identified pursuant to section 2 of this act, or to continue to invest in
94	94	66companies pursuant to section 2 of this act from which it has not yet divested upon clear and
95	95	67convincing evidence showing that the value for all assets under management by the public fund
96	96	68becomes equal to or less than 99.5 per cent (50 basis points) of the hypothetical value of all
97	97	69assets under management by the public fund assuming no divestment for any company had
98	98	70occurred under said subsection. Cessation of divestment, reinvestment or any subsequent
99	99	71ongoing investment authorized by this section shall be strictly limited to the minimum steps
100	100	72necessary to avoid the contingency set forth in the preceding sentence.
101	101	73 In advance of any cessation of divestment authorized by this subsection, the public fund
102	102	74shall provide a written report to the attorney general, the senate and house committees on ways
103	103	75and means and the joint committee on public service, updated annually thereafter as applicable, 5 of 5
104	104	76setting forth the reasons and justification, supported by clear and convincing evidence, for its
105	105	77decisions to cease divestment, to reinvest or to remain invested in companies identified pursuant
106	106	78to section 2.
107	107	79 SECTION 6. Present, future and former board members of the public fund, jointly and
108	108	80individually, state officers and employees, and investment managers under contract with the
109	109	81public fund shall be indemnified from the General Fund and held harmless by the
110	110	82Commonwealth from all claims, demands, suits, actions, damages, judgments, costs, charges and
111	111	83expenses, including court costs and attorney’s fees, and against all liability, losses, and damages
112	112	84of any nature whatsoever that these present, future, or former board members, officers,
113	113	85employees, or contract investment managers shall or may at any time sustain by reason of any
114	114	86decision to restrict, reduce, or eliminate investments in ammunition, firearm, or firearm
115	115	87accessory manufacturing or retailing companies.
116	116	88 SECTION 7. The public fund shall annually, as applicable, file a report with the attorney
117	117	89general and with the clerks of the senate and the house of representatives, including: (i) all
118	118	90investments sold, redeemed, divested or withdrawn in compliance with this act within the
119	119	91preceding year; and (ii) all investments prohibited by this act from which the public fund has not
120	120	92yet divested.