AK HB241

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

Requires the Commissioner of Revenue to create and update a quarterly list of scrutinized companies, investigate companies using credible public sources, and provide written notice with 90-day opportunity for companies to respond before listing.

Mandates divestment within 90 days for directly managed investments and directs investment managers of commingled or index funds to consider removing scrutinized companies by January 31 annually.

Grants immunity and indemnification to the state, Commissioner of Revenue, fiduciaries, investment managers, and board members for good faith compliance with divestment requirements and exempts them from conflicting state law obligations.

Automatically repeals the divestment provisions if Iran is removed from the U.S. State Department's list of state sponsors of terrorism or if Congress or the President declares the divestment interferes with U.S. foreign policy.