An Act To Require the State To Divest Itself of Funds from Companies Doing Business with Iran
Maine Legislature, Session 123, LD 1934
Committee Amendment CA_A-SA_A_S530 (Senate)
Amends: 5 MRSA §1957

SENATE AMENDMENT "A "to COMMITTEE AMENDMENT "A" to S.P. 745, 
L.D. 1934, Bill, "An Act To Require the State To Divest Itself of Funds from Companies 
Doing Business with Iran" 
Amend the amendment by striking out everything after the title and before the 
summary and inserting the following: 
'Amend the bill by striking out all of section 1 and inserting the following: 
'Sec. 1. 5 MRSA §1957 is enacted to read: 
§1957. Iran 
1. Divestment. 
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 any stocks or other securities of any corporation or company, or any 
subsidiary, affiliate or parent of any corporation or company, that has made an investment 
that contributes to the development of the petroleum or natural gas resources of the 
Islamic Republic of Iran in an amount that totals more than $20,000,000 since August 5, 
1996 and that has noHerminated its business operations in, or contractual relations with, 
the Islamic Republic of Iran or its instrumentalities as of the effective date of this Act. 
Except as provided in subsection 2, 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 stocks or other securities and may 
not invest any assets in any such stocks or other securities. 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 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. 
SENATE AMENDMENT 
~.\. 
SENATE AMENDMENT ';4 "to COMMITTEE AMENDMENT "A" to S.P. 745, L.D. 1934 
4. Contingent repeal. This section is repealed upon the occurrence of either of the 
following: 
A. 
The Congress or the President of the United States affirmatively and 
unambiguously states, by means including, but not limited to, legislation, executive 
order or written certification from the President to Congress, that mandatory 
divestment of the type provided for in this Act interferes with the conduct of United 
States foreign policy; or 
B. 
The Congress or the President of the United States affirmatively and 
unambiguously states, by means including, but not limited to, legislation, executive 
order or written certification from the President to Congress, that the government of 
the Islamic Republic or Iran has ceased to pursue the acquisition of weapons of mass 
destruction and has ceased to support international terrorism.' , 
SUMMARY 
This amendment narrows the requirement of divestiture contained in the bill, as 
amended by Committee Amendment "A." Under this amendment, the Board of Trustees 
of the Maine Public Employees Retirement System is required to divest itself of holdings 
in investments that contribute to the development of petroleum or natural gas resources of 
the Islamic Republic of Iran in an amount that totals more than $20,000,000 SInce 
Augusta 5, 1996. This amendment also adds a c911!i~JltJ:~Qeal to the legislation. 
SPONSORED BY~~--~~-~') 
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(Senator STRIMLING) 
COUNTY: Cumberland 
SENATE AMENDMENT