PRINTER'S NO. 143
No. 132 Session of 1989
INTRODUCED BY RICHARDSON, MANDERINO, LINTON, KUKOVICH, EVANS,
FEE, ACOSTA, CARN, HARPER, HUGHES, OLIVER, PRESTON, ROBINSON,
BISHOP, WILLIAMS, THOMAS, McHALE, JAMES, ROEBUCK, PISTELLA,
TIGUE, BLAUM, KOSINSKI, CAWLEY, JOSEPHS, RITTER, TRICH,
LEVDANSKY, COLAIZZO, FREEMAN, PRESSMANN AND COWELL,
JANUARY 25, 1989
REFERRED TO COMMITTEE ON FINANCE, JANUARY 25, 1989
AN ACT
1 Amending the act of December 18, 1984 (P.L.1005, No.205),
2 entitled "An act mandating actuarial funding standards for
3 all municipal pension systems; establishing a recovery
4 program for municipal pension systems determined to be
5 financially distressed; providing for the distribution of the
6 tax on the premiums of foreign fire insurance companies; and
7 making repeals," prohibiting investments in corporations
8 doing business in the Republic of South Africa and Namibia.
9 The General Assembly of the Commonwealth of Pennsylvania
10 hereby enacts as follows:
11 Section 1. The act of December 18, 1984 (P.L.1005, No.205),
12 known as the Municipal Pension Plan Funding Standard and
13 Recovery Act, is amended by adding a section to read:
14 Section 404. Prohibited investments.
15 (a) Republic of South Africa and Namibia.--No funds of any
16 municipal pension plan shall be invested in any stock or
17 obligation of any corporation doing business, either by itself
18 or through any subsidiary or affiliate, in the Republic of South
19 Africa and Namibia.
1 (b) Divestment.--Any municipal pension plan having funds
2 invested as described in subsection (a), on the effective date
3 of this section, shall divest itself of such investment within
4 one year.
5 (c) Enforcement.--It is the duty of the commission to
6 enforce this section, as provided in section 307.
7 Section 2. This act shall take effect immediately.
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