Vermont S. 72: An act relating to requiring telemarketers to provide accurate caller identification information

Bill Text

BILL AS INTRODUCED S.72
2025 Page 1 of 7

VT LEG #379759 v.1
S.72 1
Introduced by Senators Perchlik, Clarkson, Cummings, Gulick, Harrison, 2
Major, Vyhovsky, Watson and White 3
Referred to Committee on 4
Date: 5
Subject: State Treasurer; Vermont Pension Investment Commission; 6
investment and oversight of retirement systems’ assets; fossil fuel 7
divestment 8
Statement of purpose of bill as introduced: This bill proposes to require the 9
Vermont Pension Investment Commission to (1) on or before December 15, 10
2025, review the carbon footprint of the holdings of the Vermont State 11
Employees’ Retirement System, the State Teachers’ Retirement System, and 12
the Municipal Employees’ Retirement System, and (2) develop a plan to divest 13
the holdings of the Vermont State Employees’ Retirement System, the State 14
Teachers’ Retirement System, and the Municipal Employees’ Retirement 15
System from the fossil fuel industry by December 31, 2030 with further 16
divestment from any private investments that contain assets in the fossil fuel 17
industry by December 31, 2040. 18
An act relating to divestment of State pension funds of investments in the 19
fossil fuel industry 20

BILL AS INTRODUCED S.72
2025 Page 2 of 7

VT LEG #379759 v.1
It is hereby enacted by the General Assembly of the State of Vermont: 1
Sec. 1. PUBLIC PENSION FUNDS; FOSSIL FUELS; VERMONT 2
PENSION INVESTMENT COMMISSION; PLAN AND REPORT 3
(a) Intent. 4
(1) It is the intent of the General Assembly that the Vermont Pension 5
Investment Commission build upon its effective efforts to manage the State’s 6
financial risks to climate change, including investing in low carbon indexes, 7
successfully engaging with fossil fuel and other companies, and supporting 8
initial studies and reviews on climate change. 9
(2) It is also the intent of the General Assembly that, on or before 10
December 31, 2030, the Vermont Pension Investment Commission shall, 11
consistent with sound fiduciary practice, including consideration of any 12
expected increased funding requirements for the actuarially determined 13
employer contribution (ADEC) and administrative costs, and subject to any 14
exceptions, divest the holdings of the Vermont State Employees’ Retirement 15
System, the Vermont Teachers’ Retirement System, and the Vermont 16
Municipal Employees’ Retirement System from the fossil fuel industry. 17
(3) The General Assembly also intends that the Vermont Pension 18
Investment Commission establish a long-term goal to divest from any private 19
investments that contain assets in the fossil fuel industry on or before 20

BILL AS INTRODUCED S.72
2025 Page 3 of 7

VT LEG #379759 v.1
December 31, 2040, if the Commission determines that such divestment is 1
consistent with sound fiduciary practice. 2
(b) Definitions. As used in this section: 3
(1) “Carbon footprint” means the extent to which holdings are invested 4
in stocks, securities, or other obligations of any fossil fuel company or any 5
subsidiary, affiliate, or parent of any fossil fuel company. 6
(2) “De minimis exposure” means the aggregate amount of all fossil fuel 7
holdings in the portfolio amounting to less than two percent of the aggregate 8
amount of all funds invested. 9
(c) Review. On or before December 15, 2025, the Vermont Pension 10
Investment Commission, in consultation with the Office of the State Treasurer, 11
shall complete a review of the carbon footprint of the holdings of the Vermont 12
State Employees’ Retirement System, the Vermont State Teachers’ Retirement 13
System, and the Vermont Municipal Employees’ Retirement System. 14
(d) Plan. 15
(1) Divestment. Except as provided in subdivision (2) of this 16
subsection, the Commission, in accordance with sound investment criteria and 17
consistent with fiduciary obligations, including consideration of any expected 18
increased funding requirements for the actuarially determined employer 19
contribution (ADEC) and administrative costs, shall develop a plan to divest 20
any holdings identified in the review described in subsection (c) of this section 21

BILL AS INTRODUCED S.72
2025 Page 4 of 7

VT LEG #379759 v.1
on or before December 31, 2030. The Commission shall include in the plan 1
consideration of the State’s long-term goal of divestment from any investments 2
that are exceptions to the plan pursuant to subdivision (2) of this subsection on 3
or before December 31, 2040. 4
(2) Exceptions. Until such time as the Commission deems divestment to 5
be prudent and consistent with sound fiduciary practice, the following holdings 6
are exceptions to the plan: 7
(A) de minimis exposure of any funds held by the Commission to the 8
stocks, securities, or other obligations of any fossil fuel company or any 9
subsidiary, affiliate, or parent of any fossil fuel company; and 10
(B) private investments that contain fossil fuel company stocks, 11
securities, or other obligations of any fossil fuel company or any subsidiary, 12
affiliate, or parent of any fossi