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An Act To Require the State To Divest Itself of Funds from Companies Doing Business with Iran
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 5 MRSA §1957  is enacted to read:
§ 1957.  Iran
 
1.  Divestment.     The Treasurer of State and the Board of Trustees of the Maine Public Employees Retirement System shall review the extent to which the assets of any state pension or annuity fund are invested in the stocks, securities or other obligations of any corporation or company, or any subsidiary, affiliate or parent of any corporation or company, doing business in or with the nation of Iran or its instrumentalities. Except as provided in subsection 2, the Treasurer of State and the Board of Trustees of the Maine Public Employees Retirement System shall, in accordance with sound investment criteria and consistent with the board's fiduciary obligations, divest any such holdings and may not invest any assets in any such stocks, securities or other obligations. Divestment pursuant to this subsection must be complete by January 1, 2010.
 
2.  Exemption.     Short-term investment funds that commingle commercial paper or futures and other commingled investment or index funds are exempt from the restrictions imposed by this section.
 
3.  Report.     The Treasurer of State and the Board of Trustees of the Maine Public Employees Retirement System shall report to the joint standing committee of the Legislature having jurisdiction over labor matters by January 1, 2009 and each January 1st thereafter regarding the progress of divestment and the implementation of this section.
 
SUMMARY
This bill requires the State of Maine to divest itself of funds from companies that do business with Iran.