California to Coal ... Goodbye. Gov. Jerry Brown on Thursday signed legislation forcing California’s pension systems, the two largest public funds in the country, to divest from coal companies. The measure, SB 185 by state Senate leader Kevin de León (D-Los Angeles), requires the funds to sell their holdings in companies that derive at least half of their revenue from mining coal used to generate electricity. The deadline for divestment is July 1, 2017, and new investments will be prohibited.