WASHINGTON (JTA) — The state of Maryland will begin the process of divesting its retirement and pension system from Iran and Sudan.
The Baltimore Jewish Times reported that letters will be sent next week to the 14 companies that meet the criteria laid out in the state law on divestment, which was passed last year by the Maryland General Assembly. Twelve of the companies have holdings in Iran, and the others in both countries. The companies have 90 days to respond, and can provide information demonstrating that they either do not conduct business in the countries or plan to end that business within the year.
The state pension system’s board of trustess makes the final decision on divestment based on whether the action is consistent with its fiduciary responsibilities, the paper reported.