AK HB241

Prohibits the Alaska Permanent Fund, state retirement systems, the Supplemental Annuity Plan, and deferred compensation program from investing in publicly traded securities of companies conducting business operations in Iran exceeding $20,000,000 threshold under the Iran Sanctions Act of 1996.

Requires the Commissioner of Revenue to create and update quarterly a list of "scrutinized companies" based on credible public information and institutional investor data, with companies given 90 days to demonstrate they don't meet the investment threshold before being added to the list.

Mandates divestment within 90 days of being placed on the scrutinized company list for commissioner or fiduciary-managed funds; for outside-managed investments, fiduciaries must direct investment managers to divest within 90 days of receiving direction.

Exempts commingled investments and index funds from mandatory divestment but requires annual letters requesting fund managers consider removing scrutinized companies from commingled investments.

Provides immunity and indemnification from liability for state officials, fiduciaries, investment managers, and board members acting in good faith to comply with divestment requirements; sunset provisions end divestment requirements if Iran is removed from the U.S. State Department's terrorism list or if Congress/President declares such divestment interferes with foreign policy.