MS HB761

Executive Director of the Department of Finance and Administration must develop and publish a list of companies that boycott Israel by December 31, 2019, and update it annually by July 1, with companies receiving 90 days written notice before inclusion and opportunity to demonstrate they are not engaged in boycotts.

Public Employees' Retirement System and State Treasurer are prohibited from investing in companies identified on the boycott list, with existing investments required to be divested by July 1, 2020 plus 120 days.

Investments in boycotting companies are permitted if made before December 31, 2019 and the company has adopted a formal plan to cease the boycott, or if determined necessary to perform investment functions.

Officers, employees, and agents of the Public Employees' Retirement System, Department of Finance and Administration, and State Treasurer's office are indemnified and held harmless by the state from all claims and damages resulting from decisions to restrict investments under this act.

The act takes effect July 1, 2019 and automatically repeals July 1, 2024.