Bill Sponsor
Indiana House Bill 1008
Session 2023
Pension investments.
Became Law
Became Law
Signed by Governor on May 4, 2023
Sponsors
Republican
Ethan Manning
Republican
Travis Holdman
Republican
Eric Koch
Republican
Justin Busch
First Action
Jan 12, 2023
Latest Action
May 4, 2023
Origin Chamber
House
Type
Bill
Bill Number
1008
State
Indiana
Session
2023
Sponsorship by Party
Republican
Sponsor
Republican
Author
Republican
Sponsor
Republican
Sponsor
Republican
Coauthor
Republican
Coauthor
Republican
Coauthor
Republican
Coauthor
Republican
Coauthor
Republican
Coauthor
Republican
Coauthor
Republican
Coauthor
Republican
Coauthor
Republican
Coauthor
Republican
Coauthor
Republican
Coauthor
Republican
Coauthor
Republican
Coauthor
Republican
Coauthor
Republican
Cosponsor
Republican
Coauthor
Republican
Cosponsor
Republican
Coauthor
Republican
Coauthor
Republican
Coauthor
Republican
Coauthor
Republican
Coauthor
Republican
Coauthor
House Votes (1)
checkPassed on February 27, 2023
Motion Text
HB 1008 - Manning - 3rd Reading
House Roll Call Votes
Summary
Specifies certain entities, actions taken, or factors considered to which the ESG commitment provisions do not apply. Provides that if the treasurer of state concludes that the service provider has made an ESG commitment, the treasurer of state shall provide the name of the service provider and research supporting the conclusion to the board of trustees of the Indiana public retirement system (board). Prohibits the board from making an investment decision with the purpose of influencing any social or environmental policy or attempting to influence the governance of any corporation for nonfinancial purposes. Prohibits the Indiana public retirement system (system) from making an ESG commitment with respect to system assets. Provides that in making and supervising investments of the system, the board shall discharge its duties solely in the financial interest of the participants and beneficiaries of the system for the exclusive purposes of providing financial benefits to participants and beneficiaries and defraying reasonable expenses of administering the system. Provides that the board, in accordance with certain fiduciary duties, shall make investment decisions with the primary purpose of maximizing the target rate of return on the board's investments. Prohibits the board from entering a contract or modifying, amending, or continuing a contract with a service provider that has made an ESG commitment unless taking the action violates the board's fiduciary duty to the system's participants and beneficiaries. Requires the board to continue contracting with a service provider that has made an ESG commitment if the board determines that there is not a comparable service provider to replace the service provider. Requires the board to, at least annually, tabulate and report all proxy votes made by a service provider that is not a private market fund in relation to the administration of the system. Specifies certain persons and entities that are immune from civil liability and entitled to indemnification. Requires the board to: (1) ensure that reasonable efforts are made during the due diligence process before an investment is made and in monitoring investments in the public employees' defined contribution plan, an annuity savings account for the public employees' retirement fund or the Indiana state teachers' retirement fund, the teachers' defined contribution plan, the legislators' defined contribution plan, and a private market fund to determine whether any investments would violate the requirement that the board discharge its duties solely in the financial interest of the participants and beneficiaries of the system; and (2) take appropriate action, if necessary, consistent with the board's fiduciary duties. Defines terms and makes conforming amendments.
Sources
Record Created
Jan 12, 2023 7:58:09 PM
Record Updated
Nov 22, 2023 9:31:57 AM