Senate Bill 451

Chairman: Ben Bridges

Committee:Retirement

House Sponsor: Joe Wilkinson

Senate Sponsor: Don Balfour

Chairman Bridges’ Opinion of the Legislation:

The bill provides that large retirement systems be required to identify all scrutinized companies in which it has direct or indirect investments.  “Scrutinized companies” is defined as any company that has, with actual knowledge, on or after August 5, 1996, made an investment of $20 million or more in Iran’s petroleum sector which directly or significantly contributes to the enhancement of Iran’s ability to develop the petroleum resources of Iran.

The retirement systems must identify these companies by October 1, 2008 and update their listing of these companies annually.  The bill requires the State Treasurer to annually prepare a list of scrutinized companies and to make the list available to each public fund in Georgia.  The fund may rely on the list in meeting the requirements of this legislation.  The bill also states that employees of neither a retirement system nor the retirement system shall be liable for a good faith omission in identifying scrutinized companies.

This bill comes to the House Floor under the Structured Rule.