MAINE PUBLIC • March 13, 2024
The 2021 law called for the Maine Public Employees Retirement System to end future investments in fossil fuel companies, and divest from current holdings by Jan. 2026, "in accordance with sound investment criteria and consistent with fiduciary obligations." At a meeting with lawmakers Tuesday afternoon, MainePERS CEO Rebecca Wyke explained that while some progress has been made in moving away from fossil fuels, fully eliminating those investments would conflict with the system's "fiduciary duties" to pensioners, as laid out in the state constitution.