An act relating to divestment of State pension funds of investments in the fossil fuel industry

This bill requires the Vermont Pension Investment Commission to review and divest state pension funds from investments in the fossil fuel industry. It directly affects the Vermont State Employees' Retirement System, the State Teachers' Retirement System, and the Municipal Employees' Retirement System. The Commission must complete an initial review by August 2023, submit a divestment plan by November 2023, and finish divesting fossil fuel holdings by December 2030, with annual progress reports required until 2031. The legislation defines fossil fuel companies based on reserves, coal plant ownership, core business activities, and revenue sources, while prohibiting new fossil fuel investments after July 2031. The bill also appropriates $100,000 in FY 2024 to support the planning and reporting process.