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House Bill 1067


 

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House Bill 1067

ARCHIVE (2007)

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DIGEST OF HB 1067 (Updated April 26, 2007 6:09 pm - DI 116)

Pension issues. Allows a member of the teachers' retirement fund (TRF) who is receiving a benefit from TRF and who is a party in an action for dissolution of marriage in which: (1) the member's designated beneficiary is also a party; and (2) a final order is issued after the member's first benefit payment is made; to elect under certain conditions to change the member's designated beneficiary or form of benefit. Requires the public employees' retirement fund (PERF) and TRF, in the capacity of shareholders, to: (1) request that companies with certain business activities in Sudan cease those business activities; and (2) for a company that is unresponsive to a request, sell or divest all publicly traded securities held by PERF or TRF in that company. Requires that PERF and TRF report their Sudan-related activities to the general assembly. Excludes private equity funds held by PERF and TRF from the divestment requirement. Provides for: (1) civil immunity for any act or omission; and (2) indemnification for costs or expenses, including reasonable attorney fees, associated with a claim or lawsuit; related to divestment. Assigns to the pension management oversight commission the study of TRF's structure.
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 Law Enacted
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