California Pension Bill Seeks $15 Billion Divestment (Correct)

The California state Senate approved a bill that would force the country’s two largest pensions to divest an estimated $15 billion from oil and gas companies, a measure opposed by the funds’ managers.

The measure, which passed in a 23-10 vote on Thursday, requires the California Public Employees’ Retirement System and the California State Teachers Retirement System to empty their assets of large oil and gas companies by 2031 and halt any new investments by 2024.

The bill now heads to the Assembly, where similar legislation died last year after approval by the Senate.

The proposal highlights key divisions among ...