Indiana House Bill 1008
Session 2023
Pension investments.
Became Law
Signed by Governor on May 4, 2023
Sponsors
4 Sponsors
Ethan Manning
Travis Holdman
Eric Koch
Justin Busch
First Action
Jan 12, 2023
Latest Action
May 4, 2023
Origin Chamber
House
Type
Bill
Bill Number
1008
State
Indiana
Session
2023
checkPassed on February 27, 2023
Motion Text
HB 1008 - Manning - 3rd Reading
House Roll Call Votes
Excused
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Excused
Garcia Wilburn
No
Yes
Yes
Yes
Yes
Yes
Yes
Johnson
No
Yes
Yes
Yes
Excused
Miller, D
Yes
Miller, K
No
No
Pierce, K
Yes
Pierce, M
No
Yes
Yes
Yes
Excused
Yes
Yes
Yes
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.
Enrolled House Bill (H)
April 25, 2023
Introduced House Bill (H)
January 12, 2023
House Bill (H)
February 2, 2023
House Bill (H)
February 21, 2023
Engrossed House Bill (S)
April 11, 2023
Fiscal Note: HB1008.06.ENRS.FN001
Sort by most recent
05/04/2023
Office of the Governor
Signed by the Governor
05/04/2023
House
Public Law 206
05/01/2023
House
Signed by the Speaker
04/28/2023
Senate
Signed by the President of the Senate
04/28/2023
Senate
Signed by the President Pro Tempore
04/24/2023
House
House concurred in Senate amendments; Roll Call 488: yeas 66, nays 29
04/24/2023
House
Motion to concur filed
04/14/2023
Senate
Returned to the House with amendments
04/13/2023
Senate
Third reading: passed; Roll Call 382: yeas 38, nays 9
04/11/2023
Senate
Second reading: amended, ordered engrossed
04/11/2023
Senate
Amendment #1 (Holdman) prevailed; voice vote
04/06/2023
Senate
Senator Crane added as cosponsor
04/06/2023
Senate
Committee report: amend do pass, adopted
03/06/2023
Senate
Senator Rogers added as cosponsor
03/01/2023
Senate
First reading: referred to Committee on Pensions and Labor
02/28/2023
House
Referred to the Senate
02/27/2023
House
Senate sponsors: Senators Holdman, Koch, Busch
02/27/2023
House
Representative Hostettler added as coauthor
02/27/2023
House
Third reading: passed; Roll Call 238: yeas 66, nays 30
02/27/2023
House
Representative Wesco added as coauthor
02/27/2023
House
Representatives Soliday, Prescott, Abbott D, McGuire J, Morris, Lehman, May, Teshka J, Bartels, Judy, Greene R, Lauer, Goodrich, Mayfield, Snow C, Davis M, Morrison, Borders, Behning, Haggard C, Culp K, Lucas, Sweet L, Frye, Aylesworth, Ledbetter C, Payne Z, Engleman, Heaton, Cherry, Jordan, Patterson L, Vermilion A, Barrett, DeVon, Criswell C, Steuerwald, King J, Miller D, Pressel, Cash B, Jeter C, Heine added as coauthors
02/27/2023
House
Rule 105.1 suspended
02/23/2023
House
Second reading: ordered engrossed
02/23/2023
House
Amendment #9 (DeLaney) ruled out of order
02/23/2023
House
Amendment #8 (DeLaney) failed; Roll Call 215: yeas 29, nays 66
02/23/2023
House
Amendment #4 (Bauer M) failed; Roll Call 213: yeas 28, nays 66
02/23/2023
House
Amendment #2 (Gore) failed; Roll Call 212: yeas 29, nays 66
02/23/2023
House
Amendment #1 (Harris) failed; Roll Call 211: yeas 29, nays 66
02/23/2023
House
Amendment #6 (Johnson) failed; Roll Call 210: yeas 29, nays 64
02/23/2023
House
Amendment #3 (Gore) failed; Roll Call 209: yeas 29, nays 66
02/23/2023
House
Amendment #5 (Hatfield) failed; Roll Call 208: yeas 29, nays 65
02/23/2023
House
Amendment #10 (Hatfield) failed; Roll Call 216: yeas 29, nays 63
02/23/2023
House
Amendment #7 (Johnson) failed; Roll Call 214: yeas 29, nays 66
02/21/2023
House
Committee report: amend do pass, adopted
02/02/2023
House
Referred to the Committee on Ways and Means pursuant to House Rule 127
02/02/2023
House
Committee report: amend do pass, adopted
01/12/2023
House
First reading: referred to Committee on Financial Institutions
01/12/2023
House
Authored by Representative Manning
01/12/2023
House
Coauthored by Representatives Speedy and Lindauer
Sources
IN Legislature
Open States
Record Created
Jan 12, 2023 7:58:09 PM
Record Updated
Nov 22, 2023 9:31:57 AM