H.B. 557 Summary

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

• Mandates divestment over five years from companies with majority fossil fuel investments or lacking clear plans to abandon fossil fuels by 2030, while retaining holdings in companies with majority clean renewable energy investments.

• Prohibits the public fund from acquiring new securities in identified fossil fuel companies at any time.

• Requires annual public reporting to the legislature on divested investments, remaining prohibited investments, and divestment progress.

• Exempts the public fund from conflicting statutory or common law obligations regarding asset manager and investment selection when complying with this Act; effective July 1, 2050.