Vote Smart's Synopsis:

Vote to pass a bill that requires public retirement systems to divest from thermal coal companies.

Highlights:

• Requires the Board of Administration of the Public Employees’ Retirement System and The Teachers’ Retirement Board of the State Teachers’ Retirement System to divest their holding of thermal coal power and liquidate investments in any “thermal coal companies” (Sec. 1).

• Defines “thermal coal company” as a publicly traded company that generates 50 percent or more of their revenue from mining “thermal coal” (Sec. 1).

• Defines “thermal coal” as coal used to generate electricity (Sec. 1).

• Prohibits the boards from making additional or new investments of public employee retirement funds in any thermal coal companies (Sec. 1).

• Requires the boards to directly engage with thermal coal companies to determine if the companies are transitioning their business models to decrease their reliance on thermal coal production as a revenue source (Sec. 1).

• Authorizes the board to retain investments in a thermal coal company if they determine that the company is transitioning their business model away from thermal coal production (Sec. 1).

Full Bill Text