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

This bill directs Vermont's Pension Investment Commission to divest state pension funds from fossil fuel industry investments by December 31, 2030, while also setting a longer-term goal to eliminate all private fossil fuel investments by December 31, 2040. The legislation applies to the Vermont State Employees' Retirement System, the Vermont Teachers' Retirement System, and the Vermont Municipal Employees' Retirement System, requiring the Commission to develop a divestment plan that considers fiduciary obligations and potential impacts on funding requirements. The bill includes specific definitions for fossil fuel exposure, allows for exceptions for small investments under two percent of the portfolio, and mandates regular reports to state committees on progress and financial impacts. Additionally, the act appropriates $127,000 in 2024 to fund a staff position to support the review, planning, and reporting requirements of the divestment process.