HB1869--PUBLICRETIREMENTANDPENSIONSYSTEMSDIVESTMENTFROM
CHINESEENTITIES
SPONSOR: Deaton
Asspecifiedinthebill,afterAugust28,2024,thepublic
retirementandbenefitsystemsshallnotknowinglyinvestina
restrictedentityorarestrictedinvestmentproduct,asthese
termsaredefinedinthebill,andshalldivestanyinvestmentthat
thesystemhasonbehalfofafund,definedinthebill,including
particularinvestmentspubliclyconfirmedtobecontrolledbythe
People'sRepublicofChinaortheChineseCommunistParty.
BeforeDecember1,2024,andannuallyonorbeforeDecemberfirst
ofeachsubsequentyear,theboardisrequiredtomakeagoodfaith
efforttoidentifyallrestrictedentitiesandrestricted
investmentproductsinwhichthesystemholdsaninvestment. The
billsetsforththetimeperiodandthepercentagesofthe
divestmentsinarestrictedentityorarestrictedinvestment
productthattheboarddeterminesneedstoberemovedfromthe
fund.
OnorbeforeDecember31,2024,andannuallyonorbeforeDecember
31stofeachsubsequentyear,theboardisrequiredtosubmita
reporttotheGeneralAssemblyincludingtheinformationthatis
specifiedinthebill.
ThebillgrantsimmunityfromcivilliabilitytotheStateandany
politicalsubdivision;itsofficers,agents,andemployees;andthe
boardandemployeesofasystemforanyactoromissionrelatedto
theremovalofanassetfromafundandindemnifiesthesystemfor
alllosses,costs,andexpensesasdetailedinthebill.
Thedivestmentrequirementsincludedinthebilldonotapplyto
privatemarketfundsasdetailedinthebill.