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**IMPORTANT NOTICE**

Re:  Bill 44-16, Retirement-Fossil Fuel Investments-Restrictions

Fossil Fuel Divestment – Update

The Montgomery County Council on May 16, 2017 passed a resolution titled, Investment Policy Guidelines and Fossil Fuel Company Investments of the Employees' Retirement System and the Consolidated Retiree Health Benefits Trust.  This asks for yearly reports but carries no legal requirements for fossil fuel divestment.  The passage of this resolution is in lieu of Bill 44-16. Those interested in the full resolution may go to the County Council website, search May 16, 2017 agenda.

Two County Council committees met February 2, 2017 and discussed Bill 44-16.

To view the Council’s work session on the bill, click HERE.

On November 21, the MCREA Board voted to OPPOSE Montgomery County Council Bill 44-16, Retirement-Fossil Fuel Investments-Restrictions. The Bill was introduced to address the issue of climate change by restricting certain investments by the Board of Investment Trustees (pensions) and the Board of Trustees for the Consolidated Retiree Health Benefits Trust.

The MCREA Board provided testimony opposing the bill. MCREA will post updates on this bill as it progresses through the legislative process. 

Please let the County Council hear from you about this bill. Send your comments to: Montgomery County Council, 100 Maryland Avenue, Rockville, Maryland 20850 or email County.Council@MontgomeryCountyMD.gov.

Below are links to relevant background materials. Please click on the title to link to the information:

- County Council Memorandum, Bill Introduction

- Fiscal and Economic Impact Statement from OMB

- Public Hearing update, posted by the County Council for Bill 44-16, December 6, 2016

- Testimony of MCREA President Rob Klein, from the public hearing

- Board of Investment Trustees Review

- The Washington Post Editorial, 'Forget the divestment diversion, Montgomery County', October 29, 2016

- Bethesda Magazine, Berliner, Navarro Call for County To Divest from Fossil Fuel Companies, October 11, 2016

- 350MoCo, Website of a group supporting Bill 44-16

 

copyright 2014. Montgomery County Retired Employees' Association (MCREA). All rights reserved.