Senate Bill 2849 Summary

• Establishes that the Public Employees' Retirement System board must make investment decisions solely to maximize safety and return on investments, without consideration of environmental, social, and governance (ESG) factors or other nonpecuniary beliefs.

• Amends Mississippi Code Section 25-11-3 to declare it state policy that investment decisions shall not be made with the primary purpose of influencing social or environmental policy or attempting to influence corporate governance.

• Amends Mississippi Code Section 25-11-15 to prohibit the retirement board from sacrificing investment returns or assuming greater investment risks to promote collateral social policy goals.

• Cites U.S. Department of Labor guidance stating that fiduciaries should consider only financial factors when evaluating retirement fund investments and may not sacrifice returns for social policy objectives.

• Takes effect July 1, 2023.