Indiana House Bill 1008 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 53-0)
Status: Passed on May 4 2023 - 100% progression
Action: 2023-05-04 - Public Law 206
Text: Latest bill text (Enrolled) [PDF]

Pension investments. 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.

Pension investments.

Rep. Ethan Manning [R]	Rep. Mike Speedy [R]	Rep. Shane Lindauer [R]	Rep. Edmond Soliday [R]
Rep. John Prescott [R]	Rep. David Abbott [R]	Rep. Julie McGuire [R]	Rep. Robert Morris [R]
Rep. Matthew Lehman [R]	Rep. Chris May [R]	Rep. Jake Teshka [R]	Rep. Steve Bartels [R]
Rep. Christopher Judy [R]	Rep. Robb Greene [R]	Rep. Ryan Lauer [R]	Rep. Chuck Goodrich [R]
Rep. Peggy Mayfield [R]	Rep. Craig Snow [R]	Rep. Michelle Davis [R]	Rep. Alan Morrison [R]
Rep. Bruce Borders [R]	Rep. Robert Behning [R]	Rep. Craig Haggard [R]	Rep. Kendell Culp [R]
Rep. Jim Lucas [R]	Rep. Lorissa Sweet [R]	Rep. Randall Frye [R]	Rep. Micheal Aylesworth [R]
Rep. Cindy Ledbetter [R]	Rep. Zach Payne [R]	Rep. Karen Engleman [R]	Rep. Robert Heaton [R]
Rep. Robert Cherry [R]	Rep. Jack Jordan [R]	Rep. Lindsay Patterson [R]	Rep. Ann Vermilion [R]
Rep. Bradford Barrett [R]	Rep. Dale DeVon [R]	Rep. Cory Criswell [R]	Rep. Gregory Steuerwald [R]
Rep. Joanna King [R]	Rep. Doug Miller [R]	Rep. Jim Pressel [R]	Rep. Becky Cash [R]
Rep. Chris Jeter [R]	Rep. Dave Heine [R]	Rep. Timothy Wesco [R]	Rep. Matt Hostettler [R]
Sen. Travis Holdman [R]	Sen. Eric Koch [R]	Sen. Justin Busch [R]	Sen. Linda Rogers [R]
Sen. John Crane [R]

2023-04-24 - House - House - House concurred in Senate amendments (Y: 66 N: 29 NV: 0 Abs: 5) [PASS]
2023-04-13 - Senate - Senate - Third reading (Y: 38 N: 9 NV: 0 Abs: 3) [PASS]
2023-02-27 - House - House - Third reading (Y: 66 N: 30 NV: 0 Abs: 4) [PASS]
2023-02-23 - House - House - Amendment #10 (Hatfield) failed (Y: 29 N: 63 NV: 4 Abs: 4) [FAIL]
2023-02-23 - House - House - Amendment #8 (DeLaney) failed (Y: 29 N: 66 NV: 1 Abs: 4) [FAIL]
2023-02-23 - House - House - Amendment #7 (Johnson) failed (Y: 29 N: 66 NV: 1 Abs: 4) [FAIL]
2023-02-23 - House - House - Amendment #4 (Bauer M) failed (Y: 28 N: 66 NV: 2 Abs: 4) [FAIL]
2023-02-23 - House - House - Amendment #2 (Gore) failed (Y: 29 N: 66 NV: 1 Abs: 4) [FAIL]
2023-02-23 - House - House - Amendment #1 (Harris) failed (Y: 29 N: 66 NV: 0 Abs: 5) [FAIL]
2023-02-23 - House - House - Amendment #6 (Johnson) failed (Y: 29 N: 64 NV: 2 Abs: 5) [FAIL]
2023-02-23 - House - House - Amendment #3 (Gore) failed (Y: 29 N: 66 NV: 0 Abs: 5) [FAIL]
2023-02-23 - House - House - Amendment #5 (Hatfield) failed (Y: 29 N: 65 NV: 1 Abs: 5) [FAIL]

Date	Chamber	Action
2023-05-04	House	Public Law 206
2023-05-04	House	Signed by the Governor
2023-05-01	House	Signed by the Speaker
2023-04-28	Senate	Signed by the President of the Senate
2023-04-28	Senate	Signed by the President Pro Tempore
2023-04-24	House	House concurred in Senate amendments; Roll Call 488: yeas 66, nays 29
2023-04-24	House	Motion to concur filed
2023-04-14	Senate	Returned to the House with amendments
2023-04-13	Senate	Third reading: passed; Roll Call 382: yeas 38, nays 9
2023-04-11	Senate	Second reading: amended, ordered engrossed
2023-04-11	Senate	Amendment #1 (Holdman) prevailed; voice vote
2023-04-06	Senate	Senator Crane added as cosponsor
2023-04-06	Senate	Committee report: amend do pass, adopted
2023-03-06	Senate	Senator Rogers added as cosponsor
2023-03-01	Senate	First reading: referred to Committee on Pensions and Labor
2023-02-28	House	Referred to the Senate
2023-02-27	House	Senate sponsors: Senators Holdman, Koch, Busch
2023-02-27	House	Representative Hostettler added as coauthor
2023-02-27	House	Third reading: passed; Roll Call 238: yeas 66, nays 30
2023-02-27	House	Representative Wesco added as coauthor
2023-02-27	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
2023-02-27	House	Rule 105.1 suspended
2023-02-23	House	Second reading: ordered engrossed
2023-02-23	House	Amendment #9 (DeLaney) ruled out of order
2023-02-23	House	Amendment #8 (DeLaney) failed; Roll Call 215: yeas 29, nays 66
2023-02-23	House	Amendment #4 (Bauer M) failed; Roll Call 213: yeas 28, nays 66
2023-02-23	House	Amendment #2 (Gore) failed; Roll Call 212: yeas 29, nays 66
2023-02-23	House	Amendment #1 (Harris) failed; Roll Call 211: yeas 29, nays 66
2023-02-23	House	Amendment #6 (Johnson) failed; Roll Call 210: yeas 29, nays 64
2023-02-23	House	Amendment #3 (Gore) failed; Roll Call 209: yeas 29, nays 66
2023-02-23	House	Amendment #5 (Hatfield) failed; Roll Call 208: yeas 29, nays 65
2023-02-23	House	Amendment #10 (Hatfield) failed; Roll Call 216: yeas 29, nays 63
2023-02-23	House	Amendment #7 (Johnson) failed; Roll Call 214: yeas 29, nays 66
2023-02-21	House	Committee report: amend do pass, adopted
2023-02-02	House	Referred to the Committee on Ways and Means pursuant to House Rule 127
2023-02-02	House	Committee report: amend do pass, adopted
2023-01-12	House	First reading: referred to Committee on Financial Institutions
2023-01-12	House	Authored by Representative Manning
2023-01-12	House	Coauthored by Representatives Speedy and Lindauer

Type	Source
Summary	https://iga.in.gov/legislative/2023/bills/house/1008/details
Text	https://iga.in.gov/legislative/2023/bills/house/1008/#1.INTR
Text	https://iga.in.gov/legislative/2023/bills/house/1008/#2.COMH
Text	https://iga.in.gov/legislative/2023/bills/house/1008/#3.COMH
Text	https://iga.in.gov/legislative/2023/bills/house/1008/#4.COMS
Text	https://iga.in.gov/legislative/2023/bills/house/1008/#5.ENGS
Text	https://iga.in.gov/legislative/2023/bills/house/1008/#6.ENRS
Roll Call	https://iga.in.gov/legislative/2023/bills/house/1008/#H208
Roll Call	https://iga.in.gov/legislative/2023/bills/house/1008/#H209
Roll Call	https://iga.in.gov/legislative/2023/bills/house/1008/#H210
Roll Call	https://iga.in.gov/legislative/2023/bills/house/1008/#H211
Roll Call	https://iga.in.gov/legislative/2023/bills/house/1008/#H212
Roll Call	https://iga.in.gov/legislative/2023/bills/house/1008/#H213
Roll Call	https://iga.in.gov/legislative/2023/bills/house/1008/#H214
Roll Call	https://iga.in.gov/legislative/2023/bills/house/1008/#H215
Roll Call	https://iga.in.gov/legislative/2023/bills/house/1008/#H216
Roll Call	https://iga.in.gov/legislative/2023/bills/house/1008/#H238
Roll Call	https://iga.in.gov/legislative/2023/bills/house/1008/#S382
Roll Call	https://iga.in.gov/legislative/2023/bills/house/1008/#H488