Title	Key Dates	Nature of Action	ESG Category	Summary
PRIM Board Approves Plan	Adopted and in effect 2/28/2022	IPS Revisions	Promote ESG Factors in Investment and/or Proxy Voting Decisions	■ Applies to the Pension Reserves Investment Management (PRIM) Board. ■ Creates an ESG committee comprising industry experts to promote ESG labor, diversity, and environmental goals while maintaining and increasing returns. ■ Related Note: Effective March 1, 2022, the PRIM Board's Custom Proxy Voting Guidelines require the PRIM Board to vote against any director at a company that is not aligned with the Paris Climate Agreement and Climate Action 100+.

Title	Key Dates	Nature of Action	ESG Category	Summary
S1869: Requiring public pension fund divestment from ammunition and firearms	Introduced 2/27/2025	Legislation	Promote Divestment from Certain Industries	■ Requires the Pension Reserves Investment Trust or the Pension Reserves Investment Management Board (the “Public fund”) identify all ammunition, firearm or firearm accessory manufacturing or retailing companies in which the fund owns direct or indirect holdings and file this list with the attorney general. ■ As a policy, the public fund shall not invest in any ammunition, firearm or firearm accessory manufacturing or retailing companies and shall sell, redeem, divest, or withdraw all publicly-traded securities of each company identified. This requirement does not apply to actively-managed investment funds as long as the public fund requests that managers of these investment funds remove identified companies from the investment fund or create a similar actively-managed fund that does not invest in identified companies. ■ The public fund can continue to invest or reinvest in identified companies upon clear and convincing evidence that the value for all assets under management by the public fund becomes equal to or less than 99.5% (50 basis points).
H2811 - An Act to Mandate the Review of Climate Risk in Order to Protect Public Pension Beneficiaries and Taxpayers	Introduced 2/27/2025	Legislation	Promote Divestment from Certain Industries	■ Establishes a Climate Risk Investment Review Committee within the office of the treasurer to review climate risk in order to protect public pension beneficiaries and taxpayers. ■ The Committee will develop a plan to sell, redeem, divest, or withdraw from climate risk investments that are not aligned with Massachusetts' climate goals and stewardship priorities. The Committee will submit a plan annually detailing its recommendations for divestment and any plans to limit negative economic impacts.
SD321: An Act authorizing independent retirement systems to divest from fossil fuel companies	Introduced 1/13/2025	Legislation	Promote Divestment from Certain Industries	■ Permits state public pension systems to divest from fossil fuel companies and invest in index funds and investment vehicles that may not include fossil fuel companies.
H4819: An Act to mandate the review of climate risk in order to protect public pension beneficiaries and taxpayers	Introduced 7/8/2024	Legislation	Promote Divestment from Certain Industries	■ Requires the office of the treasurer to form a Climate Risk Investment Review Committee, which will develop a plan to sell, redeem, divest, or withdraw from climate risk investments within 180 days of the effective date and annually thereafter. The committee's report will direct the board's actions. ■ Prohibits the PRIM Board from approving or ratifying any fossil fuel investments or any climate risk investments. ■ Requires the Public Fund, within 90 days of enactment, to identify, and within 30 days, to report, all climate risk investments in which the fund owns direct or indirect holdings. Requires divestment from listed companies by January 1, 2026. ■ Does not apply to indirect holdings in actively managed investment funds. SUBSEQUENT DEVELOPMENTS ■ On 7/8/2024, H4819 was introduced, which is a new draft of H2504 (the version of the bill introduced in 2023). H4819 has been referred to the House Committee on Ways and Means. ■ Similar legislation introduced, but did not pass, in 2022 (H4170) and 2023 (H2504).
H2676: An Act Concerning Investments of the Massachusetts Pension Reserve Investment Management (PRIM)	Introduced in 2023, carried over to 2024	Legislation	Promote ESG Factors in Investment and/or Proxy Voting Decisions	■ Prohibits the CIO of Mass PRIM from approving any investment that has the potential to eliminate public sector jobs, would pose a reputational risk to the State-administered retirement systems, or could bring public or regulatory scrutiny to the retirement systems.
H2515: An Act Relative to Authorizing Independent Retirement Systems to Divest from Fossil Fuel Companies.	Introduced in 2023, carried over to 2024	Legislation	Promote Divestment from Certain Industries	■ Authorizes independent retirement systems (which includes, any Massachusetts public pension system under the oversight, monitoring, and regulation of the public employee retirement administration commission) to divest in whole or in part from any investment in fossil fuel companies. Furthermore, the board of an independent retirement system may invest in index funds or other investment vehicles that may not include fossil fuel companies. The legislation would take effect upon passage. SUBSEQUENT DEVELOPMENTS ■ On 3/18/2024, the bill was reported favorably by committee and referred to the committee on House Ways and Means ■ Similar legislation introduced, but did not pass, in 2022 (H2640).
H2434: An Act relative to the responsible corporate investments act	Introduced in 2023, carried over to 2024	Legislation	Promote Divestment from Certain Industries	■ Prohibits the state employees retirement system, teachers retirement system, and county, city, and town contribution retirement systems from investing in an investment vehicle or fund controlled by a financial institution headquartered in a state in which there is legislative or executive action prohibiting that state's treasurer, retirement system, or public pension fund from investing with a financial institution or investment company that utilizes ESG factors.
S1723: Authorizing Independent Retirement Boards to Divest from Fossil Fuel Companies	Introduced in 2023, carried over to 2024	Legislation	Promote Divestment from Certain Industries	■ Authorizes independent retirement systems to, in accordance with the procurement process under section 23B of chapter 32 of the General Laws, divest in whole or in part from any investment in fossil fuel companies, the assets of which remain under the direct control and management of the independent retirement system and are not separately managed or invested by the Pension Reserves Investment Management Board. ■ Independent retirement system"" means any Massachusetts public pension system under the oversight, monitoring, and regulation of the public employee retirement administration commission, except the state employees retirement system, the state teachers' retirement system, and the State-Boston retirement system in so far as the assets attributable to teachers who are members of that system.
SB1644: Relates to pensions, fiduciary standards, and sustainable investment.	Introduced in 2023, carried over to 2024	Legislation	Affirmatively Not Restricting ESG	■ Expands the fiduciary duty standard by explicitly stating how it encompasses management of the state's public pensions as a public good through (i) financial performance and (ii) the protection of future social and environmental benefits. Also notes how fiduciary-grade investments must meet the goals of diversification, risk mitigation for current and future retirees, and stewardship strategies that minimize the risk of large financial and environmental losses.
H2503: An Act requiring public pension fund divestment from ammunition and firearms	Introduced in 2023, carried over to 2024	Legislation	Promote Divestment from Certain Industries	■ Requires the Public Fund (Pension Reserves Investment Trust (PRIT) and the PRIM Board), within 30 days of enactment, to identify and report all ammunition, firearm, or firearm accessory manufacturing or retailing companies in which the fund owns direct or indirect holdings. Requires divestment from listed companies within 12 months of enactment. SUBSEQUENT DEVELOPMENTS ■ On 4/4/2024, the bill was accompanied by a study order (see H.4518). ■ Similar legislation introduced, but did not pass, in 2022 (H43).
HB2480/S1651: An Act Relative to the Divestment of State Pension Funds from Nuclear Weapons	Introduced in 2023, carried over to 2024	Legislation	Promote Divestment from Certain Industries	■ Requires PRIT and the PRIM Board not to invest in any nuclear weapon producer. Requires the public fund to sell, redeem, divest, or withdraw all publicly traded and non-publicly traded securities of each company identified within 12 months of enactment. ■ Does not apply to indirect holdings in actively managed investment funds or any conflicting statutory/legal obligation.
H2591/S1690: An Act Requiring Public Pension Fund Divestment from Ammunition and Firearms	Introduced in 2023, carried over to 2024	Legislation	Promote Divestment from Certain Industries	■ Requires PRIT and the PRIM Board within 90 days of enactment to make its best efforts to facilitate the identification of all ammunition, firearm or firearm accessory manufacturing or retailing companies ("scrutinized companies") in which PRIT has direct or indirect holdings and to maintain a scrutinized companies list. Requires PRIT and the PRIM Board not to invest in any ammunition, firearm, or firearm accessory manufacturing or retailing companies. Requires the public funds to sell, redeem, divest, or withdraw all publicly traded securities of each company identified within 12 months after the company’s most recent appearance on the scrutinized companies list. ■ Does not apply to indirect holdings in actively managed investment funds.

Legislation/Guidance in Effect

Pending Legislation

Contacts