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| 4 | 4 | | |
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| 5 | 5 | | 2023 -- H 6312 |
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| 6 | 6 | | ======== |
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| 7 | 7 | | LC000126 |
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| 8 | 8 | | ======== |
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| 9 | 9 | | S T A T E O F R H O D E I S L A N D |
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| 10 | 10 | | IN GENERAL ASSEMBLY |
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| 11 | 11 | | JANUARY SESSION, A.D. 2023 |
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| 12 | 12 | | ____________ |
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| 13 | 13 | | |
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| 14 | 14 | | A N A C T |
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| 15 | 15 | | RELATING TO PUBLIC FINANCE -- IDENTIFICATION OF STATE PENSION FUNDS |
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| 16 | 16 | | WITH MILITARY CONTRA CTORS ACT |
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| 17 | 17 | | Introduced By: Representatives Stewart, Sanchez, Henries, Tanzi, and Ajello |
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| 18 | 18 | | Date Introduced: April 21, 2023 |
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| 19 | 19 | | Referred To: House Finance |
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| 20 | 20 | | |
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| 21 | 21 | | |
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| 22 | 22 | | It is enacted by the General Assembly as follows: |
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| 23 | 23 | | SECTION 1. Title 35 of the General Laws entitled "PUBLIC FINANCE" is hereby 1 |
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| 24 | 24 | | amended by adding thereto the following chapter: 2 |
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| 25 | 25 | | CHAPTER 10.4 3 |
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| 26 | 26 | | IDENTIFICATION OF STATE PENSION FUNDS WITH MILITARY CONTRACTORS ACT 4 |
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| 27 | 27 | | 35-10.4-1. Short title. 5 |
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| 28 | 28 | | This chapter shall be known and may be cited as the "Identification of State Pension Funds 6 |
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| 29 | 29 | | with Military Contractors Act". 7 |
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| 30 | 30 | | 35-10.4-2. Definitions. 8 |
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| 31 | 31 | | As used in this chapter, the following words and terms shall have the following meanings 9 |
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| 32 | 32 | | unless the context shall clearly indicate another or different meaning or intent: 10 |
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| 33 | 33 | | (1) "Commission" means the state investment commission that oversees the assets of the 11 |
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| 34 | 34 | | employees' retirement system of Rhode Island pursuant to chapter 10 of title 35. 12 |
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| 35 | 35 | | (2) "Company" means a sole proprietorship, organization, association, corporation, 13 |
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| 36 | 36 | | partnership, joint venture, limited partnership, limited liability partnership, limited liability 14 |
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| 37 | 37 | | company or other entity or business association, including all wholly-owned subsidiaries, majority-15 |
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| 38 | 38 | | owned subsidiaries, parent companies or affiliates of such entities or business associations that exist 16 |
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| 39 | 39 | | for profit-making purposes. 17 |
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| 40 | 40 | | (3) "Direct holdings" means all securities of a company held directly by the public fund or 18 |
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| 41 | 41 | | |
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| 42 | 42 | | |
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| 43 | 43 | | LC000126 - Page 2 of 3 |
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| 44 | 44 | | in an account or fund in which the public fund owns all shares or interests. 1 |
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| 45 | 45 | | (4) "Indirect holdings" means all securities of a company held in an account or fund, such 2 |
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| 46 | 46 | | as a mutual fund or hedge fund managed by one or more persons not employed by the public fund, 3 |
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| 47 | 47 | | in which the public fund owns shares or interests together with other investors not subject to this 4 |
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| 48 | 48 | | chapter. 5 |
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| 49 | 49 | | (5) "Military contractors" or "military weapon manufacturers" means arms producing 6 |
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| 50 | 50 | | companies, defense contractors or military industries that primarily produce, maintain and store 7 |
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| 51 | 51 | | weapons for the armed forces of nation states or non-state entities. Products include guns, 8 |
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| 52 | 52 | | ammunition, missiles, military aircraft, military vehicles, and military ships. 9 |
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| 53 | 53 | | (6) "Pension fund" means the pooled investment fund consisting of the assets of the state 10 |
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| 54 | 54 | | employees' and teachers' retirement systems, as well as the assets of local retirement systems under 11 |
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| 55 | 55 | | the control of the state. 12 |
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| 56 | 56 | | 35-10.4-3. Identification of military weapon manufacturers. 13 |
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| 57 | 57 | | Within six (6) months of the effective date of this chapter, the commission shall identify 14 |
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| 58 | 58 | | all military weapon manufacturers where the pension fund owns direct or indirect holdings and 15 |
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| 59 | 59 | | shall file a list of any such holdings with the office of attorney general, the house of representatives 16 |
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| 60 | 60 | | and the senate. 17 |
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| 61 | 61 | | SECTION 2. This act shall take effect upon passage. 18 |
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| 62 | 62 | | ======== |
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| 63 | 63 | | LC000126 |
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| 64 | 64 | | ======== |
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| 65 | 65 | | |
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| 66 | 66 | | |
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| 67 | 67 | | LC000126 - Page 3 of 3 |
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| 68 | 68 | | EXPLANATION |
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| 69 | 69 | | BY THE LEGISLATIVE COUNCIL |
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| 70 | 70 | | OF |
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| 71 | 71 | | A N A C T |
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| 72 | 72 | | RELATING TO PUBLIC FINANCE -- IDENTIFICATION OF STATE PENSION FUNDS |
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| 73 | 73 | | WITH MILITARY CONTRACTORS ACT |
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| 74 | 74 | | *** |
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| 75 | 75 | | This act would require the state investment commission to identify pension fund 1 |
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| 76 | 76 | | investments in military weapon manufacturers whether held directly or indirectly. 2 |
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| 77 | 77 | | This act would take effect upon passage. 3 |
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| 78 | 78 | | ======== |
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| 79 | 79 | | LC000126 |
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| 80 | 80 | | ======== |
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