An Act authorizing independent retirement boards to divest from fossil fuel companies

This bill authorizes independent public pension systems in Massachusetts to sell their investments in fossil fuel companies, directly affecting retirement funds not managed by the state's main investment board. It defines "fossil fuel companies" as those in the coal, integrated oil and gas, or oil and gas exploration sectors and allows these funds to divest from them or invest in funds that exclude such companies. The legislation also grants these funds legal protection from conflicting rules regarding investment choices and asset managers when making decisions to divest.