Administration June 23, 2010
PA Terror-Free Investing Bill Sent to Governor
June 23, 2010 (PLANSPONSOR.com) – A Pennsylvania bill to stop public pension funds from investing in foreign companies that have significant business ties with Iran and Sudan is awaiting Governor Edward G. Rendell’s signature.
Reported by Rebecca Moore
The Ambler Gazette reports the Protecting Pennsylvania’s Investments Act, approved unanimously in the House, 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 it directly invests in foreign companies doing business in Iran and Sudan. The two countries are on a U.S. Department of State list of State Sponsors of Terrorism.
A previous bill calling for the ban had passed the House in December of last year, but the measure as passed by the Senate, S.B. 928, changes the original time funds have to divest from 22 to 36 months, according to the news report.