HB 1008 IN

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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.

• Ethan Manning Republican · author
• Travis Holdman Republican · sponsor
• Eric Koch Republican · sponsor
• Justin Busch Republican · sponsor

1. Jan 12, 2023 Coauthored by Representatives Speedy and Lindauer · lower
2. Jan 12, 2023 Authored by Representative Manning · lower
3. Jan 12, 2023 First reading: referred to Committee on Financial Institutions · lower
4. Feb 2, 2023 Committee report: amend do pass, adopted · lower
5. Feb 2, 2023 Referred to the Committee on Ways and Means pursuant to House Rule 127 · lower
6. Feb 21, 2023 Committee report: amend do pass, adopted · lower
7. Feb 23, 2023 Amendment #7 (Johnson) failed; Roll Call 214: yeas 29, nays 66 · lower
8. Feb 23, 2023 Amendment #10 (Hatfield) failed; Roll Call 216: yeas 29, nays 63 · lower
9. Feb 23, 2023 Amendment #5 (Hatfield) failed; Roll Call 208: yeas 29, nays 65 · lower
10. Feb 23, 2023 Amendment #3 (Gore) failed; Roll Call 209: yeas 29, nays 66 · lower
11. Feb 23, 2023 Amendment #6 (Johnson) failed; Roll Call 210: yeas 29, nays 64 · lower
12. Feb 23, 2023 Amendment #1 (Harris) failed; Roll Call 211: yeas 29, nays 66 · lower
13. Feb 23, 2023 Amendment #2 (Gore) failed; Roll Call 212: yeas 29, nays 66 · lower
14. Feb 23, 2023 Amendment #4 (Bauer M) failed; Roll Call 213: yeas 28, nays 66 · lower
15. Feb 23, 2023 Amendment #8 (DeLaney) failed; Roll Call 215: yeas 29, nays 66 · lower
16. Feb 23, 2023 Amendment #9 (DeLaney) ruled out of order · lower
17. Feb 23, 2023 Second reading: ordered engrossed · lower
18. Feb 27, 2023 Rule 105.1 suspended · lower
19. Feb 27, 2023 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 · lower
20. Feb 27, 2023 Representative Wesco added as coauthor · lower
21. Feb 27, 2023 Third reading: passed; Roll Call 238: yeas 66, nays 30 · lower
22. Feb 27, 2023 Representative Hostettler added as coauthor · lower
23. Feb 27, 2023 Senate sponsors: Senators Holdman, Koch, Busch · lower
24. Feb 28, 2023 Referred to the Senate · lower
25. Mar 1, 2023 First reading: referred to Committee on Pensions and Labor · upper
26. Mar 6, 2023 Senator Rogers added as cosponsor · upper
27. Apr 6, 2023 Committee report: amend do pass, adopted · upper
28. Apr 6, 2023 Senator Crane added as cosponsor · upper
29. Apr 11, 2023 Amendment #1 (Holdman) prevailed; voice vote · upper
30. Apr 11, 2023 Second reading: amended, ordered engrossed · upper
31. Apr 13, 2023 Third reading: passed; Roll Call 382: yeas 38, nays 9 · upper
32. Apr 14, 2023 Returned to the House with amendments · upper
33. Apr 24, 2023 Motion to concur filed · lower
34. Apr 24, 2023 House concurred in Senate amendments; Roll Call 488: yeas 66, nays 29 · lower
35. Apr 28, 2023 Signed by the President Pro Tempore · upper
36. Apr 28, 2023 Signed by the President of the Senate · upper
37. May 1, 2023 Signed by the Speaker · lower
38. May 4, 2023 Public Law 206 · lower
39. May 4, 2023 Signed by the Governor · executive

The published texts of this bill as it moves through the legislature. Each links to the official document on the state legislature site. Data from OpenStates.

• Enrolled House Bill (H) · Apr 25, 2023 · PDF
• Introduced House Bill (H) · Jan 12, 2023 · PDF
• House Bill (H) · Feb 2, 2023 · PDF
• House Bill (H) · Feb 21, 2023 · PDF
• House Bill (S) · Apr 6, 2023 · PDF
• Engrossed House Bill (S) · Apr 11, 2023 · PDF