Word: pensioneer
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...Massachusetts legislature this fall will almost certainly pass a novel measure designed to encourage municipalities to divest their pension funds from American companies that do business in South Africa, according to several representatives...
...bill passes it would augment Massachusetts' already tough economic sanctions against South Africa, in force since 1983, which divested more than $1 billion in state pension funds, said State Rep. Kevin P. Blanchette (D-Lawrence), who sponsored the latest measure...
...proposed bill offers inducements to municipal governments, which control more than $5 billion in local pension funds, to divest those holdings in return for increased flexibility to make other types of investments...
...measure also bars Massachusetts' 106 city and town pension funds from further investment in South Africa-related corporations...
...Town pension funds that limit their investments, past and present, to an established list of corporations without South African ties, would be permitted to make riskier but more lucrative investments than those currently allowed by state guidelines if the bill passes, Blanchette said...