IN HB1281 | 2011 | Regular Session
Status
Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 12 2011 - 25% progression, died in committee
Action: 2011-01-12 - First reading: referred to Committee on Employment, Labor and Pensions
Pending: House Employment, Labor and Pensions Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on January 12 2011 - 25% progression, died in committee
Action: 2011-01-12 - First reading: referred to Committee on Employment, Labor and Pensions
Pending: House Employment, Labor and Pensions Committee
Text: Latest bill text (Introduced) [HTML]
Summary
Requires the boards of trustees of the public employees' retirement fund (PERF) and the Indiana state teachers' retirement fund (TRF) to employ investment managers that are minority business enterprises or women-owned business enterprises. Specifies that at least 15% of the assets of each fund must be placed under the investment control of investment advisers that are minority business enterprises and at least 5% of the assets of each fund must be placed under the investment control of investment advisers that are women-owned business enterprises. Provides that if PERF or TRF, exercising financial and fiduciary prudence, determines that it is unable to meet the required percentages, PERF or TRF shall include in its annual report a description of its plan to achieve the specified percentages. Requires PERF's and TRF's investment advisers to use: (1) Indiana based broker dealers; (2) broker-dealers that are minority owned enterprises or women-owned business enterprises; and (3) new broker-dealers. Specifies that at least: (1) 30% of an investment adviser's brokerage fees must be paid to Indiana broker-dealers; (2) 25% of an investment adviser's brokerage fees must be paid to broker-dealers that are minority owned business enterprises or women-owned business enterprises; and (3) 5% of an investment adviser's brokerage fees must be paid to new broker-dealers. Requires PERF and TRF investment advisers to submit a quarterly report to the PERF or TRF board. Provides that if an investment adviser of PERF or TRF, exercising financial and fiduciary prudence, determines that it is unable to meet the required percentages, the investment adviser shall include in its quarterly report a description of its plan to achieve the percentages as quickly as possible. Requires PERF and TRF to include a summary of the investment advisers' reports in the PERF and TRF annual reports. Requires the PERF and TRF boards to consider whether an investment adviser complies with the requirements when PERF or TRF contracts with or employs investment advisers.
Title
PERF and TRF investment manager guidelines.
Sponsors
History
Date | Chamber | Action |
---|---|---|
2011-01-12 | First reading: referred to Committee on Employment, Labor and Pensions | |
2011-01-12 | Authored by Representative Crawford |
Indiana State Sources
Type | Source |
---|---|
Summary | http://www.in.gov/apps/lsa/session/billwatch/billinfo?year=2011&session=1&request=getBill&doctype=HB&docno=1281 |
Text | http://www.in.gov/legislative/bills/2011/IN/IN1281.1.html |