An Act relative to pensions, fiduciary standards, and sustainable investment

This bill amends Massachusetts pension laws to redefine key terms and establish new standards for how pension funds are managed. It expands the definition of "beneficiaries" to include current workers, future retirees, and taxpayers who guarantee pension payments, while renaming the fund to the "Commonwealth Pension Promise Fund." The legislation introduces specific duties for fund managers, such as a "Duty of Care" to protect beneficiaries and a "Duty to a Safe Future" that requires investments to avoid harming future generations. Additionally, the bill formally defines sustainable investing practices, including Environmental, Social, and Governance (ESG) criteria, to guide how the pension fund allocates its money.