Revision: Dec. 21, 2022, 1:01 p.m.
2023 SESSION
23-0444.0
08/04
HOUSE BILL [bill number]
AN ACT relative to state treasury pension and insurance fund management.
SPONSORS: [sponsors]
COMMITTEE: [committee]
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ANALYSIS
This bill prohibits the state treasurer and the retirement system conducting business with any financial institution or proxies which prioritize social, political, or ideological interests above or in concert with the traditional fiduciary duty to maximize financial benefit
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
23-0444.0
08/04
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twenty Three
AN ACT relative to state treasury pension and insurance fund management.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Subparagraph; Investment of Funds; State Treasurer; Conditions. Amend RSA 6:8, II by inserting after subparagraph (e) the following new subparagraph:
(f) Notwithstanding the other provisions of this paragraph, all investments and their management shall be governed by the fiduciary duty to maximize benefits for the state or the beneficiaries of the state's trust funds. Such duty precludes conducting business with any financial institution or proxies which prioritize social, political, or ideological interests above or in concert with the traditional fiduciary duty to maximize financial benefit.
2 New Subparagraph; Retirement System; Management of Funds. Amend RSA 100-A:15, I-a(b) by inserting after subparagraph (4) the following new subparagraph:
(5) Notwithstanding the other provisions of this paragraph, all investments and their management shall be governed by the fiduciary duty to maximize benefits for the state or the beneficiaries of the state's trust funds. Such duty precludes conducting business with any financial institution or proxies which prioritize social, political, or ideological interests above or in concert with the traditional fiduciary duty to maximize financial benefit.
3 Effective Date. This act shall take effect 60 days after its passage.