H.B. 557 Summary

• Requires the Employees' Retirement System to identify and evaluate all direct and indirect holdings in coal, oil, natural gas, oil and gas services, and pipeline companies by February 1, 2022.

• Mandates divestment from companies with majority fossil fuel investments over a five-year period, prioritizing retention of companies with majority clean renewable energy investments or clear plans to abandon fossil fuels by 2030.

• Prohibits the public fund from acquiring new investments in coal, oil, natural gas, oil and gas services, and pipeline companies going forward.

• Requires the public fund to notify managers of actively managed investment funds containing fossil fuel companies that it intends to divest within five years unless alternatives are provided.

• Requires annual public reporting to the legislature on divested investments, prohibited holdings, and progress made toward compliance; effective July 1, 2050.