SB 529 - This act provides that after August 28, 2025, a state or local public retirement system shall not knowingly invest in a restricted entity or a restricted investment product, as such terms are defined in the act to include certain Chinese persons and investments and those listed on the Specially Designated Nationals and Blocked Persons List published U.S. Department of the Treasury. Before December 1, 2025, and at least annually thereafter, the board of a public employee retirement system shall identify all restricted entities and restricted investment products in which the system holds an investment. If the board determines after such review that the system has investments in a restricted entity or a restricted investment product, the board shall establish a plan to divest the investment as soon as financially prudent and the investment shall be divested no later than August 28, 2026, unless the board finds that following conditions exist in which case the investment shall be divested before August 28, 2028: (1) The aggregate transaction costs are in excess of five hundred thousand dollars; (2) The selling of global public equity interests would result in a loss on secondary markets; or (3) The divestment would fail to comply with federal or state law or other legal obligations. The board shall determine whether to cease or defer divestment and resume investment during any period in which the entity or product has not returned to being a restricted entity or restricted investment product only if certain conditions outlined in the act are met. Additionally, the act provides that on or before December 31, 2025, and annually thereafter, the board shall submit a report to the General Assembly, which shall include certain information listed in the act including all publicly traded securities sold, redeemed, divested, or withdrawn in compliance with this act and all commingled funds that are exempted from divestment. This act does not apply to divestment of existing investments in private market funds nor to indirect holdings in actively managed investment funds. If a manager or investment fiduciary creates a similar actively managed investment fund without the restricted entities, the board shall replace all applicable investments with the investments in the similar actively managed investment fund within a period consistent with prudent investing standards. This act is similar to a provision in the perfected HB 147 (2025), HCS/HB 977 (2025), and HB 1869 (2024). KATIE O'BRIEN