Amends TCA Title 9, Chapter 4, Part 15.
Tennessee SB0542 mandates that the board of trustees for the Tennessee consolidated retirement system and governing bodies of political subdivision pension plans review their direct holdings annually 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 immediate divestment is not feasible. This legislation impacts state and local pension funds by imposing new oversight and divestment requirements related to foreign ownership.
Tennessee SB0542 mandates that the board of trustees for the Tennessee consolidated retirement system and governing bodies of political subdivision pension plans review their direct holdings annually 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 immediate divestment is not feasible. This legislation impacts state and local pension funds by imposing new oversight and divestment requirements related to foreign ownership.
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