Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Pensions Investments topic
No spam. Unsubscribe anytime.
House passes SB112 to bar future Utah Retirement System investments in specified Iranian petroleum companies
Summary
The Utah House voted 63-3 to approve Senate Bill 112, a prospective ban on new Utah Retirement Systems investments in certain foreign companies tied to Iran's petroleum sector. Sponsors said the change is targeted and prospective; opponents warned of possible portfolio losses borne by retirees.
The Utah House on March 8 approved Senate Bill 112, a measure that prohibits future investments by the Utah Retirement Systems in certain foreign companies tied to Iran's petroleum sector, passing the bill 63-3 and returning it to the Senate for action.
Representative Julie Fischer, the House sponsor, told colleagues the bill is "prospective only" and "we're not truly divesting. We're just saying no further investments," stressing the measure targets direct holdings in petroleum companies rather than mutual or commingled funds. Fischer said the bill had unanimous support in the Senate and was narrowly focused to avoid sweeping divestment of existing holdings.
Supporters framed the bill as a moral and security statement. Representative Arendt said the state "should not be investing in terrorism," linking the policy to support for troops. Representative Sanpei cited an estimate that similar laws in other states have withdrawn roughly $2.9 billion from Iran, calling the combined effect "not insignificant."
Opponents warned of fiduciary risk. Representative King urged caution about the financial consequences for the retirement fund, saying losses "could be 10% of the investment of the Fund" and that such costs would be borne by state employees and retirees rather than taxpayers. Representative Nielsen said he had consulted with a senator experienced in pension matters and concluded the current form "does not have any significant impact on the ability of our financial managers to get the returns they need," and he supported the bill.
Representative Daw moved the previous question, cutting off further debate, and the House proceeded to roll call. The reading clerk announced that Senate Bill 112 "passes this body with 63 yes votes, 3 no votes," and the measure will be signed by the Speaker Pro Tem and returned to the Senate.
The bill's language, as described on the floor, forbids further funding into identified petroleum-sector holdings but does not apply to mutual funds or commingled accounts; enforcement and implementation details were not specified during floor remarks. The measure's next procedural step is the Senate review for the President's signature or any further action.
Votes at a glance: SB112 passed 63-3 and will be returned to the Senate for signature.
