Amends TCA Title 9, Chapter 4, Part 15.
Tennessee HB0805 mandates that the board of trustees for the Tennessee consolidated retirement system and governing bodies of political subdivision pension plans must annually review their direct holdings to identify investments in companies majority-owned by China, termed "restricted investments." If such investments are found, the bill requires divestment and the development of a divestment plan if expeditious divestment is not feasible. The bill provides immunity from civil liability for actions taken under its provisions.
Tennessee HB0805 mandates that the board of trustees for the Tennessee consolidated retirement system and governing bodies of political subdivision pension plans must annually review their direct holdings to identify investments in companies majority-owned by China, termed "restricted investments." If such investments are found, the bill requires divestment and the development of a divestment plan if expeditious divestment is not feasible. The bill provides immunity from civil liability for actions taken under its provisions.
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