AR SB11

Defines "restricted companies" as those that boycott Israel, or are restricted by Iran or Sudan, and requires the board of trustees to identify and maintain a quarterly-updated list of such companies

Mandates public employee retirement systems divest from direct holdings in restricted companies within 12 months of the company's appearance on the restricted list and prohibits future acquisition of such securities

Exempts indirect holdings and private market funds from divestment requirements but requires the board to request fund managers remove restricted companies or create similar funds without them

Allows retirement systems to cease divestment if restricted company investments fall to 0.5% or less of total assets under management, with written notice to the board

Exempts retirement systems and their boards from conflicting statutory or common law obligations, including fiduciary duties, when taking actions in compliance with this section