PA Governor Signs Divestiture Bill

July 7, 2010 ( – Pennsylvania Governor Edward G. Rendell has signed into law a bill providing for divestiture from investments in companies doing business in Iran and Sudan.

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.