House Bill 1170 Summary

• Declares Mississippi's public policy that the Public Employees' Retirement System (PERS) board must invest monies solely to maximize safety and returns for beneficiaries, without consideration of nonpecuniary beliefs or political factors.

• Prohibits the PERS board from making investment decisions with the primary purpose of influencing social or environmental policy or attempting to influence corporate governance.

• Prohibits the board from sacrificing investment returns or assuming greater investment risks to promote collateral social policy goals.

• Amends Section 25-11-121 of the Mississippi Code to add fiduciary language requiring the board to act with the sole purpose of maximizing investment safety and returns.

• Takes effect July 1, 2024.