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

This bill allows Massachusetts public pension funds (like state employee retirement systems) to sell investments in fossil fuel companies and shift toward fossil fuel-free investments. It authorizes these funds to divest from companies in coal, oil, or gas sectors (defined by specific industry codes) and invest in index funds or other options without fossil fuel holdings. The change requires following the fund's existing procurement process under Chapter 32, Section 23B. The bill takes effect immediately upon passage.