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SD 2287

Pension Reserves Investment Management Board 2024 Iran Divestment Report

194th Legislature (2025-2026)

PRIM must annually disclose Iran-related divestments and ensure managers divest restricted holdings: 50% in 6 months, 100% in 12 months, with 2024 activity noted.

Placed on file
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WeVote Research Nonpartisan
Bill Summary · SD 2287

Summary: SD 2287 — Pension Reserves Investment Management Board 2024 Iran Divestment Report

Status: Placed on file. Introduced January 21, 2025. Classification: proposed bill.

Purpose and intent

SD 2287 centers on the Massachusetts Pension Reserves Investment Management Board (PRIM) and its ongoing responsibility to report on Iran-related divestment. Building on Chapter 232 of the Acts of 2010, the bill reinforces PRIM’s duty to annually disclose divestment from Iran-restricted securities and to confirm that investment managers act in accordance with the divestment timelines set by law. The accompanying 2024 report is part of PRIM’s routine communications to the Commonwealth’s fiscal officers and clerks.

Key provisions and changes

  • Annual reporting requirement: PRIM must annually report its divestment from Iran-restricted securities. PRIM staff provides quarterly lists of restricted securities to investment managers.
  • Divestment timeline: Investment managers are required to divest restricted holdings in accordance with statutory deadlines — 50% divested within 6 months of a security being added to the restriction list, and 100% divested within 12 months.
  • 2024 activity update: Subsection (b) of Section 3 notes that PRIM did not acquire securities of scrutinized companies in 2024.
  • Indirect holdings: Subsection (d) of Section 3 indicates investment managers with indirect holdings have not removed restricted securities from their funds due to divestment concerns, nor have they created similar actively managed funds excluding these securities (aside from standard trading strategies).
  • Scrutinized companies list: Subsection (1) of Section 6 attaches the most recent scrutinized companies list, effective January 1, 2025.
  • Contact and accountability: The document includes a contact (Riya Shah, Investment Compliance Analyst) for questions regarding the letter or the scrutinized list.

Affected parties and entities

  • PRIM staff and leadership (including the Deputy Executive Director/COO and CIO) responsible for compliance and reporting.
  • PRIM investment managers who oversee PRIM assets and hold restricted securities.
  • Firms and funds holding Iran-restricted or scrutinized securities, including those with indirect holdings.
  • Practitioners and officials within the Attorney General’s office and Massachusetts Treasurer/Chair, who oversee the reporting framework.

Timelines and procedural notes

  • The act framework cited: Chapter 232 of the Acts of 2010.
  • Scrutinized list: Effective January 1, 2025.
  • Ongoing cycles: Annual report generation with quarterly restricted-security lists to investment managers.
  • Status: The bill remains on file, indicating no advancement beyond placement in the legislative queue as of the stated date.

Impact at a glance

SD 2287 codifies and clarifies PRIM’s Iran-divestment reporting obligations and timelines, reinforces transparency around the handling of Iran-restricted securities, and documents the 2024 activity while maintaining the roll-forward schedule for future disclosures.

Compiled from official sources — confirm details with the bill’s official record.

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