H2904
An Act authorizing independent retirement systems to divest from fossil fuel companies
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- Passed House
- Passed Senate
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Bill overview
This bill would allow Massachusetts’ independent retirement systems, such as those for teachers and state employees, to divest their investments from fossil fuel companies. It aims to align these systems’ investments with environmental sustainability goals. The bill seeks to give these systems greater control over their investment portfolios and reduce their exposure to the risks associated with the fossil fuel industry. This legislation builds upon previous efforts to address climate change through investment policy.
Key provisions
- Allows independent retirement systems to divest from fossil fuel companies.
- Applies to systems like those for teachers and state employees.
- Supports aligning investments with environmental sustainability.
- Does not restrict investment returns.
- Authorizes a process for systems to make divestment decisions.
Who is affected
- Massachusetts independent retirement systems
- Teachers
- State employees
- Investment managers of these systems
- Fossil fuel companies
Notable changes
- Represents a shift in investment policy for state retirement systems.
- Aligns with broader efforts to reduce carbon emissions.
- Provides a mechanism for systems to reduce exposure to fossil fuel risks.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Cosponsors
Dylan A. Fernandes
Arguments in favor
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Bill H.2904 194th (Current)
An Act authorizing independent retirement systems to divest from fossil fuel companies
By Representative Luddy of Orleans and Senator Fernandes, a joint petition (accompanied by bill, House, No. 2904) of Hadley Luddy and Dylan A. Fernandes relative to authorizing independent retirement systems to divest from fossil fuel companies. Public Service.
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Bill Information
Bill Information
Presenters: Hadley Luddy , Dylan A. Fernandes
Tabs
Bill History Petitioners Committee Vote Committee Summary Hearing Attendance
Bill History
Displaying 5 actions for Bill H.2904
| Date | Branch | Action |
| 2/27/2025 | House | Referred to the committee on Public Service |
| 2/27/2025 | Senate | Senate concurred |
| 7/7/2025 | Joint | Hearing scheduled for 07/16/2025 from 01:00 PM-05:00 PM in A-2 |
| House | Reported by committee to Clerk’s Office for processing, will accompany a study order | |
| 3/30/2026 | House | Accompanied a study order, see H5312 (under House Rule 27) |
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