Administration July 7, 2010
PA Governor Signs Divestiture Bill
July 7, 2010 (PLANSPONSOR.com) – Pennsylvania Governor Edward G. Rendell has signed into law a bill providing for divestiture from investments in companies doing business in Iran and Sudan.
Reported by Rebecca Moore
The Protecting Pennsylvania’s Investments Act, S.B. 928, requires the state Treasurer’s Office, Public School Employees Retirement System, State Employees Retirement System, and Pennsylvania Municipal Retiree System to divest within 36 months the nearly $400 million they directly invest in foreign companies doing business in Iran and Sudan (see PA Terror-Free Investing Bill Sent to Governor). The two countries are on a U.S. Department of State list of State Sponsors of Terrorism.
The state will reimburse the pension funds for the costs of complying with the legislation.You Might Also Like:
Public-Sector Pension Changes Create Residual Effects
Evidence mounts to show how cuts to public-employee pension benefits have reduced the ability of public-sector employers to compete with...
GASB Proposes Implementation Guide for OPEB Standards
The proposed Implementation Guide provides answers to questions intended to clarify, explain, or elaborate on the requirements of GASB Statement...
Most Public Pensions Received Insufficient Employer Contributions
An analysis covering the years 2006 through 2014 shows most of the 160 plans studied received insufficient employer contributions to...