SB 178 — An Act amending the act of July 2, 2010 (P.L.266, No.44), known as the Protecting Pennsylvania's Investments Act, amending the title of the act; further providing for definitions; and providing for identification of assault weapons manufacturers, for required actions related to assault weapons manufacturers and for reporting relating to assault weapons manufacturers.

PRINTER'S NO.   117

                     THE GENERAL ASSEMBLY OF PENNSYLVANIA



                        SENATE BILL
                        No. 178
                                               Session of
                                                 2025

     INTRODUCED BY COSTA, STREET, SAVAL, COMITTA, KEARNEY, FONTANA,
        SCHWANK, COLLETT, TARTAGLIONE, HAYWOOD, KANE AND HUGHES,
        JANUARY 24, 2025

     REFERRED TO FINANCE, JANUARY 24, 2025


                                    AN ACT
 1   Amending the act of July 2, 2010 (P.L.266, No.44), entitled "An
 2      act providing for divestiture by the State Treasurer, the
 3      State Employees' Retirement System and the Public School
 4      Employees' Retirement System of investments in companies
 5      doing business in Iran and Sudan," amending the title of the
 6      act; further providing for definitions; and providing for
 7      identification of assault weapons manufacturers, for required
 8      actions related to assault weapons manufacturers and for
 9      reporting relating to assault weapons manufacturers.
10      The General Assembly of the Commonwealth of Pennsylvania
11   hereby enacts as follows:
12      Section 1.    The title of the act of July 2, 2010 (P.L.266,
13   No.44), known as the Protecting Pennsylvania's Investments Act,
14   is amended to read:
15                                  AN ACT
16   Providing for divestiture by the State Treasurer, the State
17      Employees' Retirement System and the Public School Employees'
18      Retirement System of investments in companies doing business
19      in Iran and Sudan and in assault weapons manufacturers.
20      Section 2.    Section 2 of the act is amended by adding
21   definitions to read:
 1   Section 2.   Definitions.
 2      The following words and phrases when used in this act shall
 3   have the meanings given to them in this section unless the
 4   context clearly indicates otherwise:
 5      * * *
 6      "Assault weapon."    The term includes all of the following:
 7          (1)   A semiautomatic center fire rifle capable of
 8      accepting detachable magazines and a pistol grip protruding
 9      conspicuously below the weapon's action, a thumbhole stock or
10      folding or telescopic stock, a flash suppressor, grenade
11      launcher or flare launcher or a forward pistol grip.
12          (2)   A semiautomatic center fire rifle with an overall
13      length of less than 30 inches.
14          (3)   A semiautomatic center fire rifle with a fixed
15      magazine capable of holding more than 10 rounds of
16      ammunition.
17          (4)   A semiautomatic pistol capable of accepting
18      detachable magazines and a threaded barrel, a second
19      handgrip, a capacity to accept a detachable magazine at some
20      location outside the pistol grip or a shroud attached to, or
21      partially or completely encircling, the barrel allowing the
22      bearer to fire the weapon without burning the bearer's hand,
23      except for a slide enclosing the barrel.
24          (5)   A semiautomatic pistol with a fixed magazine having
25      the capacity to accept more than 10 rounds.
26          (6)   A semiautomatic shotgun having a folding or
27      telescoping stock, a pistol grip protruding conspicuously
28      beneath the action of the weapon, a thumbhole stock or a
29      vertical handgrip.
30          (7)   A semiautomatic shotgun with the ability to accept

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 1      detachable magazines.
 2          (8)    A shotgun with a revolving cylinder.
 3          (9)    A part or combination of parts designed or intended
 4      to convert a firearm into an assault weapon or any
 5      combination of parts from which an assault weapon may be
 6      readily assembled if the parts are in the possession of or
 7      under the control of the same person.
 8          (10)    A detachable ammunition-feeding device with the
 9      capacity to accept more than 10 rounds of ammunition. The
10      term does not include:
11                 (i)    a feeding device that has been permanently
12          altered so that it cannot accommodate more than 10
13          rounds;
14                 (ii)    a .22 caliber tube ammunition-feeding device;
15          or
16                 (iii)    a tubular magazine that is contained in a
17          lever-action firearm.
18          (11)    A device designed or manufactured for the sole
19      purpose of accelerating the rate of fire of a semiautomatic
20      firearm to simulate the rate of fire of an automatic weapon.
21      "Assault weapons manufacturer."        A person who manufactures
22   assault weapons.
23      "Assault weapons manufacturing activities."       The
24   manufacturing of assault weapons.
25      * * *
26      "Substantial action specific to assault weapons
27   manufacturing."       Adopting, publicizing and implementing a formal
28   plan to cease assault weapons manufacturing activities within
29   one year and to refrain from any new assault weapons
30   manufacturing activities.

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 1      * * *
 2      Section 3.     The act is amended by adding sections to read:
 3   Section 6.1.     Identification of assault weapons manufacturers.
 4      (a)   Best effort.--Within 90 days after the effective date of
 5   this section, a public fund shall make its best effort to
 6   identify all assault weapons manufacturers in which the public
 7   fund has direct holdings. A public fund shall review, as
 8   appropriate in the public fund's judgment, publicly available
 9   information regarding assault weapons manufacturers, including
10   information provided by nonprofit organizations, research firms,
11   international organizations and government entities.
12      (b)   Assembly.--By the first meeting of a public fund
13   following the time period under subsection (a), the public fund
14   shall assemble all assault weapons manufacturers into an assault
15   weapons manufacturers list.
16   Section 6.2.     Required actions related to assault weapons
17                  manufacturers.
18      (a)   Procedure.--A public fund shall adhere to the procedures
19   under this section for determining companies on the public
20   fund's assault weapons manufacturers list that qualify for
21   divestment.
22      (b)   Engagement.--
23            (1)   For each assault weapons manufacturer on a public
24      fund's assault weapons manufacturers list in which the public
25      fund has direct holdings, the public fund shall send a
26      written notice informing the assault weapons manufacturer of
27      the assault weapons manufacturing activities which have
28      resulted in this determination and that the assault weapons
29      manufacturer may become subject to divestment by the public
30      fund. The notice must inform the assault weapons manufacturer

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 1    of the opportunity to clarify the assault weapons
 2    manufacturing activities and encourage the assault weapons
 3    manufacturer, within 180 days of the date of receipt of the
 4    notice, to cease the assault weapons manufacturing activities
 5    in order to avoid qualifying for divestment by the public
 6    fund. The notice shall be sent no later than 120 days after
 7    the effective date of this section.
 8          (2)   If, within 180 days of the date of receipt of a
 9    notice under paragraph (1), an assault weapons manufacturer
10    announces by public disclosure substantial action specific to
11    assault weapons manufacturing, the public fund may maintain
12    its holdings, but the assault weapons manufacturer shall
13    remain on the assault weapons manufacturers list pending
14    completion of the assault weapons manufacturer's cessation of
15    assault weapons manufacturing activities. Following
16    completion of an assault weapons manufacturer's cessation of
17    assault weapons manufacturing activities, the public fund
18    shall remove the assault weapons manufacturer from the public
19    fund's assault weapons manufacturers list.
20    (c)   Divestment.--
21          (1)   If, after 180 days following the effective date of
22    receipt of the notice under subsection (b)(1), an assault
23    weapons manufacturer has not announced by public disclosure
24    substantial action specific to assault weapons manufacturing
25    as specified in the notice, or the public fund determines or
26    becomes aware that the assault weapons manufacturer continues
27    to have assault weapons manufacturing activities, the public
28    fund, within 26 months after the 180-day period, shall sell,
29    redeem, divest or withdraw from its direct holdings all
30    securities of the assault weapons manufacturer.

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 1            (2)   If a public fund determines or becomes aware that an
 2      assault weapons manufacturer that ceased assault weapons
 3      manufacturing activities following engagement under
 4      subsection (b) has resumed the manufacturing, the public fund
 5      shall send a written notice to the assault weapons
 6      manufacturer under subsection (b), and the assault weapons
 7      manufacturer shall be immediately placed onto the public
 8      fund's assault weapons manufacturers list.
 9            (3)   A public fund shall monitor an assault weapons
10      manufacturer that has announced by public disclosure
11      substantial action specific to assault weapons manufacturing.
12      If, after one year, the public fund determines or becomes
13      aware that the assault weapons manufacturer has not
14      implemented the plan, the public fund, within 26 months after
15      the expiration of the one-year period, shall sell, redeem,
16      divest or withdraw from its direct holdings all securities of
17      the assault weapons manufacturer.
18      (d)   Prohibition.--A public fund may not acquire securities
19   of an assault weapons manufacturer on the public fund's assault
20   weapons manufacturers list.
21      (e)   Excluded securities.--Nothing in this act shall apply to
22   the public fund's holdings in alternative investments or
23   indirect holdings.
24   Section 6.3.     Reporting relating to assault weapons
25                  manufacturers.
26      (a)   Duty of public fund.--A public fund shall, no earlier
27   than one year after the effective date of this section, provide
28   a report to the Governor, the President pro tempore of the
29   Senate, the Speaker of the House of Representatives and each
30   member of the boards of the Pennsylvania Municipal Retirement

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 1   System, the State Employees' Retirement System and the Public
 2   School Employees' Retirement System. The report shall include
 3   the items required under subsection (b). The report shall be
 4   made available to the public.
 5      (b)    Contents.--The report under subsection (a) shall include
 6   the most recent assault weapons manufacturers list and all of
 7   the following:
 8             (1)   A summary of correspondence with assault weapons
 9      manufacturers engaged by the public fund under section 6.2.
10             (2)   All investments sold, redeemed, divested or
11      withdrawn in compliance with section 6.2(c), the costs and
12      expenses of the transfers and a determination of net gain or
13      net loss on account of the transactions incurred under this
14      act.
15             (3)   All prohibited investments under section 6.2(d).
16             (4)   A list of all publicly traded securities held by the
17      public fund.
18      (c)    Update.--A public fund shall do all of the following:
19             (1)   Annually update, based on evolving information under
20      subsection (b), and make publicly available the public fund's
21      assault weapons manufacturers list.
22             (2)   Provide a copy of the list under paragraph (1),
23      including updates, to all other public funds.
24      Section 4.     This act shall take effect immediately.




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