reglab/statecodes huggingface dataset:
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 11. Divestment Related to Boycott Of, Divestment From, or Sanctions of Israel › 5-10.2-11-18. Restricted Business Excluded From Federal Sanctions

Sec. 18. If the United States government affirmatively declares any business on the restricted business list to be excluded from any federal sanctions related to boycott, divest from, or sanction Israel activity, the business is not subject to divestment or investment prohibition under this chapter.
As added by P.L.177-2016, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 11. Divestment Related to Boycott Of, Divestment From, or Sanctions of Israel › 5-10.2-11-19. Exclusion of Indirect Holdings in Actively Managed Investment Funds

Sec. 19. Notwithstanding any provision to the contrary, sections 16 and 17 of this chapter do not apply to indirect holdings in actively managed investment funds. However, if a fund has indirect holdings in an actively managed investment fund containing the securities of restricted businesses, the board shall submit letters to the managers of the actively managed investment fund requesting that the managers remove the restricted businesses from the actively managed investment fund or create a similar actively managed investment fund with indirect holdings without restricted businesses. If the managers create a similar actively managed investment fund, the board shall replace all applicable investments with investments in the similar actively managed investment fund in a period consistent with prudent investing standards.
As added by P.L.177-2016, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 11. Divestment Related to Boycott Of, Divestment From, or Sanctions of Israel › 5-10.2-11-20. Investment in Private Equity Partnership

Sec. 20. This chapter does not apply directly to private equity funds. However, the board shall ensure that reasonable efforts are made during the due diligence process before an investment is made in a private equity partnership to determine whether any investments by the private equity general partner on behalf of the private equity partnership include a restricted business.
As added by P.L.177-2016, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 11. Divestment Related to Boycott Of, Divestment From, or Sanctions of Israel › 5-10.2-11-21. Report to General Assembly

Sec. 21. (a) On or before November 1, 2017, and thereafter as directed by the legislative council, the board shall submit a report in an electronic format under IC 5-14-6 to the executive director of the legislative services agency for distribution to the members of the general assembly.
(b) The report must include at least the following information, as of the date of the report:
(1) A copy of the restricted business list.
(2) A summary of correspondence with businesses engaged by the board under section 14 of this chapter.
(3) All publicly traded securities sold, redeemed, divested, or withdrawn in compliance with section 16 of this chapter.
(4) All commingled funds that are exempted from divestment under section 16 of this chapter.
(5) All prohibited securities under section 17 of this chapter.
(6) Any progress made under section 19 of this chapter.
As added by P.L.177-2016, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 11. Divestment Related to Boycott Of, Divestment From, or Sanctions of Israel › 5-10.2-11-22. Expiration of Chapter

Sec. 22. This chapter expires on the earliest of the following:
(1) Twelve (12) months after the date on which boycott, divest from, or sanction Israel activity ceases.
(2) The date on which the United States government revokes any sanctions imposed on persons engaged in boycott, divest from, or sanction Israel activity.
(3) The date on which Congress or the President of the United States, through legislation or executive order, declares that mandatory divestment of the type provided for in this chapter interferes with the conduct of foreign policy of the United States.
As added by P.L.177-2016, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 11. Divestment Related to Boycott Of, Divestment From, or Sanctions of Israel › 5-10.2-11-23. Exemption From Conflicting Statutory or Common Law Obligations

Sec. 23. With respect to actions taken in compliance with this chapter, including all good faith determinations regarding businesses on the restricted business list, the system shall be exempt from any conflicting statutory or common law obligations, including any obligations with respect to choice of asset managers, investment funds, or investments for fund securities portfolios.
As added by P.L.177-2016, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 11. Divestment Related to Boycott Of, Divestment From, or Sanctions of Israel › 5-10.2-11-24. Cessation of Divestment and Reinvestment in Restricted Businesses; Report to General Assembly

Sec. 24. (a) Notwithstanding any provision to the contrary, the system is permitted to cease divesting and to reinvest in certain restricted businesses on the restricted business list if evidence shows that the value for all assets under management by the system on a fund's behalf becomes equal to or less than ninety-nine and five-tenths percent (99.5%) of the value of all assets under management by the system on a fund's behalf, including the businesses divested under section 16 of this chapter.
(b) As provided by this section, any cessation of divestment or reinvestment shall be strictly limited to the minimum steps necessary to avoid the contingency set forth in subsection (a).
(c) For any cessation of divestment, reinvestment, and subsequent ongoing investment authorized by this section, the board shall submit a report in an electronic format under IC 5-14-6 to the executive director of the legislative services agency for distribution to the members of the general assembly before any initial reinvestment. The report shall be updated annually thereafter as applicable, setting forth the reasons and justifications for the decision to cease divestment, reinvest, or remain invested with businesses engaged in boycott, divest from, or sanction Israel activity. This section does not apply to businesses that have ceased to engage in boycott, divest from, or sanction Israel activity.
As added by P.L.177-2016, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 11. Divestment Related to Boycott Of, Divestment From, or Sanctions of Israel › 5-10.2-11-25. Immunity; Indemnification of the Fund and Its Agents

Sec. 25. (a) Both:
(1) the state and officers, agents, and employees of the state; and
(2) the system and the board members, executive director, officers, agents, and employees of the system;
are immune from civil liability for any act or omission related to the removal of an asset from a fund under this chapter.
(b) In addition to the immunity provided under subsection (a), both:
(1) the officers, agents, and employees of the state; and
(2) the board members, executive director, officers, agents, and employees of the system;
are entitled to indemnification from the system for all losses, costs, and expenses, including reasonable attorney's fees, associated with defending against any claim or suit relating to an act authorized under this chapter.
As added by P.L.177-2016, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 11. Divestment Related to Boycott Of, Divestment From, or Sanctions of Israel › 5-10.2-11-26. Severability

Sec. 26. The provisions of this chapter are severable in the manner provided under IC 1-1-1-8(b).
As added by P.L.177-2016, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 12. Supplemental Allowance Reserve Accounts › 5-10.2-12-1. Applicability

Sec. 1. This chapter applies to the supplemental allowance reserve accounts established under the following:
(1) IC 2-3.5-3-2(c) (for the legislators' defined benefit plan).
(2) IC 5-10-5.5-4(c) (for the state excise police, gaming agent, gaming control officer, and conservation enforcement officers' retirement plan).
(3) IC 5-10.2-2-2(a)(3) (for the public employees' retirement fund).
(4) IC 5-10.2-2-2(c)(3) (for the Indiana state teachers' retirement fund).
As added by P.L.127-2018, SEC.9.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 12. Supplemental Allowance Reserve Accounts › 5-10.2-12-2. Uses of Money in a Supplemental Allowance Reserve Account

Sec. 2. All amounts in a supplemental allowance reserve account of a fund or plan are available to the board to pay a postretirement benefit increase, thirteenth check, or other benefit change or adjustment granted by the general assembly after June 30, 2018, to members of or participants in that fund or plan.
As added by P.L.127-2018, SEC.9.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 12. Supplemental Allowance Reserve Accounts › 5-10.2-12-3. Contribution Rate Surcharge

Sec. 3. (a) For 2019 and each year thereafter, the contribution rate established by the board for each employer shall include a surcharge determined by the board:
(1) that is paid to the supplemental allowance reserve account of the applicable fund or plan; and
(2) that does not exceed one percent (1%) of the employer's payroll that is attributable to employees who are:
(A) members of the public employees' retirement fund;
(B) members of the 1996 account of the Indiana state teachers' retirement fund; and
(C) participants in the state excise police, gaming agent, gaming control officer, and conservation enforcement officers' retirement plan.
The board shall determine an equivalent amount to be included in the general fund appropriations for the supplemental allowance reserve accounts of the legislators' defined benefit plan and, subject to IC 5-10.4-2-5, the pre-1996 account of the Indiana state teachers' retirement fund.
(b) The surcharge described in subsection (a) shall be paid in the same manner as other employer contributions required under IC 5-10-5.5-4, IC 5-10.2-2-12.5, IC 5-10.3-7-12.5, and IC 5-10.4-7-6.
As added by P.L.127-2018, SEC.9.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 12. Supplemental Allowance Reserve Accounts › 5-10.2-12-4. Supplemental Allowance Reserve Account; Actuarial Report; Grants of Postretirement Benefits

Sec. 4. (a) In each even-numbered calendar year, beginning in 2018, the board shall present to the interim study committee on pension management oversight (established by IC 2-5-1.3-4) an actuarial report concerning the status of each supplemental allowance reserve account.
(b) The general assembly may grant a postretirement benefit increase, thirteenth check, or other benefit change or adjustment for members of or participants in a fund or plan listed in section 1 of this chapter only:
(1) in an odd-numbered calendar year; and
(2) if the postretirement benefit increase, thirteenth check, or other benefit change or adjustment:
(A) may be funded from the uncommitted balance in the supplemental allowance reserve account of the particular fund or plan; and
(B) may be paid in the same amount or percentage, or by using the same formula or computation method, to members of or participants in each of the funds and plans listed in section 1 of this chapter.
As added by P.L.127-2018, SEC.9.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 13. Divestment From Chinese Companies › 5-10.2-13-1. General Assembly Findings

Sec. 1. The general assembly finds the following:
(1) Mandatory divestment by the system of fund holdings in entities and investment products is a measure that should be employed only under extraordinary circumstances.
(2) The People's Republic of China has both the motivation and capability to interfere with and impose economic, political, or military harm on the United States and its people.
(3) Economic support for and investment in Chinese entities unnecessarily increase the risk to the security and welfare of the United States and the people of Indiana.
(4) The threat from these entities constitutes the extraordinary circumstances necessary for mandatory divestment by the system of the fund holdings in restricted entities and restricted investment products.
As added by P.L.104-2023, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 13. Divestment From Chinese Companies › 5-10.2-13-2. "Board"

Sec. 2. As used in this chapter, "board" refers to the board of trustees of the Indiana public retirement system established by IC 5-10.5-3-1.
As added by P.L.104-2023, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 13. Divestment From Chinese Companies › 5-10.2-13-3. "Control"

Sec. 3. As used in this chapter, "control" means the following:
(1) Control as defined in the Investment Company Act of 1940 (15 U.S.C. 80a–2(a)).
(2) Involvement in an entity's governance structure, monitoring, or internal human resources decisions of an entity consistent with the objectives set out in the Opinion on Strengthening the United Front Work of the Private Economy in the New Era issued by the General Office of the Central Committee of the Chinese Communist Party (2020) or a successor or similar document.
As added by P.L.104-2023, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 13. Divestment From Chinese Companies › 5-10.2-13-4. "Divest"

Sec. 4. As used in this chapter, "divest" means a sale, redemption, replacement, or any other activity that terminates the investment.
As added by P.L.104-2023, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 13. Divestment From Chinese Companies › 5-10.2-13-5. "Fund"

Sec. 5. As used in this chapter, "fund" refers to any public pension and retirement funds of the system (as defined in IC 5-10.5-1-5).
As added by P.L.104-2023, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 13. Divestment From Chinese Companies › 5-10.2-13-6. "Investment"

Sec. 6. As used in this chapter, "investment" refers to any investment that the board or system is authorized to make under IC 5-10.5-5 or another law.
As added by P.L.104-2023, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 13. Divestment From Chinese Companies › 5-10.2-13-9. "Restricted Investment Product"

Sec. 9. As used in this chapter, "restricted investment product" refers to an investment product that:
(1) is managed by one (1) or more persons:
(A) that are not employed by the system; and
(B) in which the system on behalf of the fund owns investments together with investors other than the system; and
(2) holds investments in a restricted entity.
As added by P.L.104-2023, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 13. Divestment From Chinese Companies › 5-10.2-13-10. "System"

Sec. 10. As used in this chapter, "system" has the meaning set forth in IC 5-10.5-1-6.
As added by P.L.104-2023, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 13. Divestment From Chinese Companies › 5-10.2-13-11. Prohibition on Investment in Restricted Entities

Sec. 11. After June 30, 2023, the system may not knowingly invest in a restricted entity or a restricted investment product and shall divest any investment that the system has on behalf of a fund in accordance with this chapter. Determinations under this chapter are independent of any determinations made under IC 5-10.2-9, IC 5-10.2-10, and IC 5-10.2-11.
As added by P.L.104-2023, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 13. Divestment From Chinese Companies › 5-10.2-13-12. Identification of Restricted Entities

Sec. 12. Before June 30, 2023, and at least annually before July 1 of each subsequent year, the board shall make a good faith effort to identify all restricted entities and restricted investment products in which the system holds an investment. The board may use an independent research firm to assist the board.
As added by P.L.104-2023, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 13. Divestment From Chinese Companies › 5-10.2-13-13. Divestment

Sec. 13. If the board determines after a review under section 12 of this chapter that the system has investments in a restricted entity or a restricted investment product, the board shall establish a plan to divest the investment and complete the divestment as soon as financially prudent. However, the investment must be divested not later than the following:
(1) At least fifty percent (50%) of the investment shall be removed from a fund's assets within three (3) years after the board discovers that the investment is in a restricted entity or restricted investment product.
(2) At least seventy-five percent (75%) of the investment shall be removed from a fund's assets within four (4) years after the board discovers that the investment is in a restricted entity or restricted investment product.
(3) One hundred percent (100%) of the investment shall be removed from a fund's assets within five (5) years after the board discovers that the investment is in a restricted entity or restricted investment product.
As added by P.L.104-2023, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 13. Divestment From Chinese Companies › 5-10.2-13-14. Cessation or Deferral of Divestment

Sec. 14. The board, as directed by the legislative council, shall consult with the interim study committee on pension management oversight to determine whether to cease or defer divestment in the entity or product initiated under this chapter and resume investment in the entity or product during any period in which the entity or product has not returned to being a restricted entity or restricted investment product if any of the following conditions are met:
(1) The United States Secretary of State has issued a determination that the People's Republic of China is in compliance with each of the following:
(A) The December 19, 1984, Joint Declaration of the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of the People's Republic of China on the Question of Hong Kong.
(B) The Basic Law of the Hong Kong Special Administrative Region of the People's Republic of China.
(C) The Uyghur Human Rights Policy Act of 2020.
(D) The December 10, 1948, Universal Declaration of Human Rights.
(E) The December 19, 1966, International Covenant on Civil and Political Rights.
(2) The entity or product meets or exceeds the rules and standards of the Public Company Accounting Oversight Board and the Sarbanes-Oxley Act of 2002 (Public Law 107-204).
(3) The board determines that a fund has holdings in a passively managed commingled fund that includes a restricted entity and the estimated cost of divestment of the commingled fund is greater than ten percent (10%) of the total value of the restricted entities held in the commingled fund.
As added by P.L.104-2023, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 13. Divestment From Chinese Companies › 5-10.2-13-15. Report

Sec. 15. (a) On or before November 2, 2023, and annually before November 2 of each subsequent year, the board shall submit a report in an electronic format under IC 5-14-6 to the executive director of the legislative services agency for distribution to the members of the general assembly.
(b) The report must include at least the following information, as of the date of the report:
(1) A copy of the restricted entity list.
(2) All publicly traded securities sold, redeemed, divested, or withdrawn in compliance with section 11 of this chapter.
(3) All commingled funds that are exempted from divestment under sections 14 and 18 of this chapter.
(4) Any progress made under section 14 of this chapter.
As added by P.L.104-2023, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 13. Divestment From Chinese Companies › 5-10.2-13-16. Exemption From Conflicting Statutory or Common Law Obligations

Sec. 16. With respect to actions taken in compliance with this chapter, including all good faith determinations regarding restricted entities and restricted investment products, the board and the system are exempt from any conflicting statutory or common law obligations, including any obligations with respect to choice of asset managers, investment funds, or investments for fund investment portfolios.
As added by P.L.104-2023, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 13. Divestment From Chinese Companies › 5-10.2-13-17. Immunity; Indemnification of the Fund and Its Agents

Sec. 17. (a) Both:
(1) the state and its officers, agents, and employees; and
(2) a fund or the system and its board members, executive director, officers, agents, and employees;
are immune from civil liability for any act or omission related to the removal of an asset from a fund under this chapter.
(b) In addition to the immunity provided under subsection (a), both:
(1) the officers, agents, and employees of the state; and
(2) the board members, executive director, officers, agents, and employees of a fund or the system;
are entitled to indemnification from the fund for all losses, costs, and expenses, including reasonable attorney's fees, associated with defending against any claim or suit relating to an act authorized under this chapter.
As added by P.L.104-2023, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 13. Divestment From Chinese Companies › 5-10.2-13-18. Exclusions; Investment in Similar Actively Managed Investment Fund

Sec. 18. (a) Except as provided in subsection (b), the divestment requirements of this chapter do not apply to existing investments in private market funds.
(b) The requirements of section 11 of this chapter shall apply to existing investments in private market funds.
(c) Notwithstanding any provision to the contrary, sections 9 and 11 of this chapter do not apply to indirect holdings in actively managed investment funds.
(d) If a manager creates a similar actively managed investment fund without the restricted entities, the board shall replace all applicable investments with investment in the similar actively managed investment fund in a period consistent with prudent investing standards.
As added by P.L.104-2023, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 13. Divestment From Chinese Companies › 5-10.2-13-19. Severability

Sec. 19. The provisions of this chapter are severable in the manner provided in IC 1-1-1-8(b).
As added by P.L.104-2023, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 14. Esg Commitment › 5-10.2-14-1. Applicability

Sec. 1. This chapter does not apply to:
(1) a bank holding company (as defined in IC 28-2-16-3 or IC 28-2-16-9);
(2) a subsidiary of a bank holding company (as defined in IC 28-2-16-3 or IC 28-2-16-9); or
(3) an action taken or a factor considered pursuant to the requirements of this chapter by a trustee for a:
(A) bank holding company described in subdivision (1); or
(B) subsidiary of a bank holding company described in subdivision (2).
As added by P.L.206-2023, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 14. Esg Commitment › 5-10.2-14-2. "Esg Commitment"

Sec. 2. (a) As used in this chapter, "ESG commitment" means an action taken or a factor considered by a service provider:
(1) with respect to or including the system's assets; and
(2) with the nonfinancial purpose to further social, political, or ideological interests based on evidence indicating the purpose.
(b) The term defined in subsection (a) includes a commitment to further, through portfolio company engagement or board or shareholder votes, any of the following for nonfinancial purposes beyond the applicable law requirements:
(1) Eliminating, reducing, offsetting, or disclosing greenhouse gas emissions.
(2) Instituting or assessing:
(A) corporate board;
(B) employment;
(C) composition;
(D) compensation; or
(E) disclosure;
criteria that incorporate characteristics protected under IC 22-9.
(3) Divesting from, limiting investment in, or limiting the activities or investments of a company that does any of the following:
(A) Fails to meet or does not commit to environmental standards or disclosures.
(B) Engages in, facilitates, or supports the manufacture, import, distribution, marketing or advertising, sale, or lawful use of firearms, ammunition, or component parts and accessories of firearms or ammunition.
(C) Contracts with the United States Immigration and Customs Enforcement for the provision of federal immigration detention centers or support services related to the implementation of federal immigration and border security laws, regulations, and policies.
(D) Engages in the exploration, production, utilization, transportation, sale, or manufacturing of fossil fuel based energy, timber, mining, agriculture, and food animal production.
As added by P.L.206-2023, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 14. Esg Commitment › 5-10.2-14-3. "Financial"

Sec. 3. (a) As used in this chapter, "financial" means a prudent determination by a fiduciary to have a material effect on the monetary risk or the monetary return of an investment.
(b) The term does not include an action taken or a factor considered by a fiduciary with the nonfinancial purpose to further social, political, or ideological interests as set forth in section 2 of this chapter.
As added by P.L.206-2023, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 14. Esg Commitment › 5-10.2-14-5. "System"

Sec. 5. (a) As used in this chapter and except as provided in subsection (b), "system" refers to the Indiana public retirement system established by IC 5-10.5-2-1.
(b) The term does not include the following:
(1) The public employees' defined contribution plan established under IC 5-10.3-12.
(2) An annuity savings account for the public employees' retirement fund established under IC 5-10.2-2-2(a)(1).
(3) The teachers' defined contribution plan established under IC 5-10.4-8.
(4) An annuity savings account for the Indiana state teachers' retirement fund established under IC 5-10.2-2-2(c)(1).
(5) The legislators' defined contribution plan established under IC 2-3.5-5.
As added by P.L.206-2023, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 14. Esg Commitment › 5-10.2-14-6. Factors as Evidence of Esg Commitment

Sec. 6. Factors to be considered as evidence of a service provider's ESG commitment may include one (1) or more of the following:
(1) Advertising.
(2) Statements.
(3) Explanations.
(4) Reports.
(5) Letters to clients.
(6) Communications with portfolio companies.
(7) Statements of principles.
(8) Participation in, affiliation with, or status as a signatory to:
(A) a coalition;
(B) an initiative;
(C) a joint statement of principles; or
(D) an agreement.
As added by P.L.206-2023, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 14. Esg Commitment › 5-10.2-14-7. Duties of the Treasurer of State

Sec. 7. If the treasurer of state has reasonable cause to believe that a service provider has made an ESG commitment, the treasurer of state shall research the matter and make a determination as to whether the service provider has made an ESG commitment. In conducting this research, the treasurer of state shall attempt to consult with the service provider and consider any information the service provider provides to the treasurer of state. If the treasurer of state concludes that the service provider has made an ESG commitment, the treasurer of state shall provide the:
(1) name of the service provider; and
(2) research supporting the conclusion;
to the board.
As added by P.L.206-2023, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 14. Esg Commitment › 5-10.2-14-8. Prohibited Actions

Sec. 8. (a) Except as otherwise provided by law, the board may not make an investment decision with the purpose of:
(1) influencing any social or environmental policy; or
(2) attempting to influence the governance of any corporation for nonfinancial purposes.
(b) Except as otherwise provided by law, the system is prohibited from making an ESG commitment with respect to system assets, including without limitation in the selection of investments, selection of investment managers, management or oversight of investments, proxy voting, or shareholder engagement.
As added by P.L.206-2023, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 14. Esg Commitment › 5-10.2-14-9. Duties of the Inprs Board

Sec. 9. (a) 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:
(1) providing financial benefits to participants and beneficiaries; and
(2) defraying reasonable expenses of administering the system.
(b) The board, in accordance with the fiduciary duties described in this article, shall make investment decisions with the primary purpose of maximizing the target rate of return on the board's investments.
As added by P.L.206-2023, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 14. Esg Commitment › 5-10.2-14-10. Prohibited Contracting; Replacement of Service Provider; Exception

Sec. 10. (a) In accordance with the board's duty under section 9 of this chapter, and except as provided in subsection (c), the board shall not:
(1) enter a contract; or
(2) modify, amend, or continue a contract;
with a service provider that has made an ESG commitment unless taking the action described in subdivisions (1) and (2) violates the board's fiduciary duty to the system's participants and beneficiaries.
(b) The board shall replace a service provider that has made an ESG commitment with a service provider that is comparable in financial performance, so as not to violate the board's fiduciary duty to the system's participants and beneficiaries. If the board replaces a service provider, it shall do so within a reasonable time, but not later than one hundred eighty (180) days after receiving notice from the treasurer of state of the service provider's ESG commitment.
(c) If the board determines that there is not a comparable service provider to replace a service provider under subsection (b), the board shall continue contracting with the service provider that has made an ESG commitment. The board shall include in its minutes the:
(1) decision that a comparable service provider does not exist; and
(2) evidence supporting the decision under subdivision (1).
As added by P.L.206-2023, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 14. Esg Commitment › 5-10.2-14-11. Tabulation and Reporting of Proxy Votes

Sec. 11. The board shall, at least annually, tabulate and report all proxy votes made by a service provider that is not a private market fund (as defined in IC 5-10.2-10-11) in relation to the administration of the system. For each vote reported, the report must contain:
(1) a vote caption;
(2) the fund's vote;
(3) the recommendation of the portfolio company's management; and
(4) if applicable, the recommendation of a proxy advisor or other service provider.
As added by P.L.206-2023, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 14. Esg Commitment › 5-10.2-14-12. Immunity; Indemnification

Sec. 12. (a) The following are immune from civil liability for any act or omission related to any action under this chapter:
(1) The state.
(2) Officers, agents, and employees of the state.
(3) The system.
(4) The:
(A) board members;
(B) executive director;
(C) officers;
(D) agents; and
(E) employees;
of the system.
(b) In addition to the immunity provided under subsection (a), the following are entitled to indemnification from the system for all losses, costs, and expenses, including reasonable attorney's fees, associated with defending against any claim or suit relating to an act authorized under this chapter:
(1) Officers, agents, and employees of the state.
(2) The:
(A) board members;
(B) executive director;
(C) officers;
(D) agents; and
(E) employees;
of the system.
As added by P.L.206-2023, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.2. Public Retirement and Disability Benefits › Chapter 14. Esg Commitment › 5-10.2-14-13. Board Duties Concerning Certain Funds, Plans, and Accounts

Sec. 13. This chapter does not apply directly to the defined contribution plans or an annuity savings account described in section 5(b) of this chapter or a private market fund (as defined in IC 5-10.2-10-11). However, the board shall:
(1) ensure that reasonable efforts are made during the due diligence process before an investment is made and in monitoring investments in:
(A) the public employees' defined contribution plan established under IC 5-10.3-12;
(B) an annuity savings account for the public employees' retirement fund established under IC 5-10.2-2-2(a)(1);
(C) the teachers' defined contribution plan established under IC 5-10.4-8;
(D) an annuity savings account for the Indiana state teachers' retirement fund established under IC 5-10.2-2-2(c)(1);
(E) the legislators' defined contribution plan established under IC 2-3.5-5; or
(F) a private market fund (as defined in IC 5-10.2-10-11);
to determine whether any investments would violate section 9 of this chapter; and
(2) take appropriate action, if necessary, consistent with the board's fiduciary duties.
As added by P.L.206-2023, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.3. The Public Employees' Retirement Fund › Chapter 1. Definitions › 5-10.3-1-1. "Board"

Sec. 1. "Board" as used in this article means the board of trustees of the Indiana public retirement system established by IC 5-10.5-3-1.
As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.23-2011, SEC.13.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.3. The Public Employees' Retirement Fund › Chapter 1. Definitions › 5-10.3-1-2. "Employer"

Sec. 2. Employer. "Employer" as used in this article means the state for employees of the state and a political subdivision for its employees.
As added by Acts 1977, P.L.53, SEC.3.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.3. The Public Employees' Retirement Fund › Chapter 1. Definitions › 5-10.3-1-2.5. "Director"

Sec. 2.5. As used in this article, "director" refers to the director of the Indiana public retirement system established by IC 5-10.5-2-1.
As added by P.L.5-1990, SEC.6. Amended by P.L.23-2011, SEC.14.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.3. The Public Employees' Retirement Fund › Chapter 1. Definitions › 5-10.3-1-4. "Governing Body"

Sec. 4. "Governing body" means the fiscal body of a county, city, town, or township, board of school commissioners, library board, or any board which by law is authorized to fix a rate of taxation on property of a political subdivision, or any other board which is empowered to administer the affairs of any department of a political subdivision, which department receives revenue independently of, or in addition to, funds obtained from taxation.
As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.8-1987, SEC.10; P.L.8-1989, SEC.20.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.3. The Public Employees' Retirement Fund › Chapter 1. Definitions › 5-10.3-1-5. "Member"

Sec. 5. Member. "Member" as used in this article means persons qualifying for membership under IC 5-10.3-7-1.
As added by Acts 1977, P.L.53, SEC.3.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.3. The Public Employees' Retirement Fund › Chapter 1. Definitions › 5-10.3-1-6. "Political Subdivision"

Sec. 6. Political Subdivision. "Political subdivision" as used in this article means a county, city, town, township, political body corporate, public school corporation, public library, public utility of a county, city, town, township, and any department of, or associated with, a county, city, town, or township, which department receives revenue independently of, or in addition to, funds obtained from taxation.
As added by Acts 1977, P.L.53, SEC.3.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.3. The Public Employees' Retirement Fund › Chapter 1. Definitions › 5-10.3-1-8. Gender; Number

Sec. 8. Gender; Number. (a) When a masculine pronoun is used in this article, it refers to the masculine, feminine, or neuter, as appropriate.
(b) The singular form of any noun used in this article includes the plural, and the plural includes the singular, as appropriate.
As added by Acts 1977, P.L.53, SEC.3.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.3. The Public Employees' Retirement Fund › Chapter 1. Definitions › 5-10.3-1-9. "Member's Contribution"

Sec. 9. As used in this article, "member's contribution" includes contributions paid by the employer for members of the fund.
As added by P.L.41-1983, SEC.6. Amended by P.L.35-1985, SEC.18.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.3. The Public Employees' Retirement Fund › Chapter 2. The Public Employees' Retirement Fund › 5-10.3-2-0.3. Legalization of Payment of Certain Benefits

Sec. 0.3. If before June 1, 1985, the board approved a member's choice of retirement date that preceded the member's application for benefits, payments made as a result of the choice of retirement date are legalized.
As added by P.L.220-2011, SEC.77.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.3. The Public Employees' Retirement Fund › Chapter 2. The Public Employees' Retirement Fund › 5-10.3-2-0.4. Validation of Certain Board Actions

Sec. 0.4. (a) If the board, the state, or a political subdivision denied, after December 31, 1986, an employee of the state or the political subdivision who was sixty (60) years of age or older the option not to join the fund, the denial is validated.
(b) Actions taken by the board before March 5, 1988, that would have been valid under IC 5-10.3-7-3(a), as amended by P.L.46-1988, are validated.
As added by P.L.220-2011, SEC.78.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.3. The Public Employees' Retirement Fund › Chapter 2. The Public Employees' Retirement Fund › 5-10.3-2-1. Establishment and Administration of Fund

Sec. 1. (a) The public employees' retirement fund of Indiana, referred to as the fund, is established to pay benefits to officers and employees of the state and its political subdivisions after specified years of service and under other specified circumstances. The purpose of the fund is to promote economy and efficiency in the administration of state and local government by providing an orderly way for members to be retired without prejudice and without inflicting hardship on the retired member.
(b) The fund is a trust. The board of trustees of the Indiana public retirement system shall administer the fund and implement this article, without the supervision of the department of insurance.
As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.23-2011, SEC.15.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.3. The Public Employees' Retirement Fund › Chapter 2. The Public Employees' Retirement Fund › 5-10.3-2-2. Interests in Fund

Sec. 2. No individual, group of persons, or entity has a right to any specific security, property, or cash other than an undivided interest in the whole fund as specified in this article.
As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.28-1984, SEC.3.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.3. The Public Employees' Retirement Fund › Chapter 2. The Public Employees' Retirement Fund › 5-10.3-2-3. Legislative Intent; Public Obligations

Sec. 3. The general assembly intends that, to the extent specified in this article, the payments to the fund by the state or the participating political subdivisions, the payment of all benefits, the payment of interest credits, and the payment of administration expenses are obligations of the state and the participating political subdivisions. However, this obligation is not a guarantee that the amount credited to a member in the annuity savings account will not vary in value as a result of the performance of the investment program selected by the member under IC 5-10.2-2, unless the member selected the guaranteed program (before its elimination on January 1, 2017), in which case the obligation is such a guarantee.
As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.35-1985, SEC.19; P.L.193-2016, SEC.13.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.3. The Public Employees' Retirement Fund › Chapter 2. The Public Employees' Retirement Fund › 5-10.3-2-4. Participation in Fund or State Defined Contribution Plan by Qualifying Employees of Eligible Entity

Sec. 4. (a) The following definitions apply throughout this section:
(1) "Defined contribution plan" refers to the public employees' defined contribution plan established under IC 5-10.3-12.
(2) "Eligible entity" means an entity that is eligible but not required to participate in the public employees' retirement fund.
(3) "Qualifying employee" means an employee who would be eligible under IC 5-10.3-7 to become a member of the fund, if the employee's employer were to participate in the fund.
(b) Except as otherwise provided in this section, if an eligible entity wishes to offer a retirement plan to a qualifying employee, the eligible entity must provide the retirement plan to the qualifying employee by participating in the fund or the defined contribution plan.
(c) If, on July 1, 2015, an eligible employer is providing a retirement plan other than the fund or the defined contribution plan to a departmental, occupational, or other definable classification of an eligible entity's employees, the qualifying employees in the departmental, occupational, or other classification of employees may continue to participate in the retirement plan, regardless of whether the qualifying employees in the departmental, occupational, or other definable classification begin employment with the eligible entity after June 30, 2015.
(d) An eligible entity may offer a retirement plan other than the fund or the defined contribution plan to an employee, if the employee is not a qualifying employee.
As added by P.L.241-2015, SEC.10.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.3. The Public Employees' Retirement Fund › Chapter 3. The Board of Trustees › 5-10.3-3-1. Repealed

As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.36-1996, SEC.1; P.L.246-2001, SEC.9; P.L.62-2005, SEC.4. Repealed by P.L.23-2011, SEC.31.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.3. The Public Employees' Retirement Fund › Chapter 3. The Board of Trustees › 5-10.3-3-4. Repealed

As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.25-1994, SEC.6; P.L.62-2005, SEC.5. Repealed by P.L.23-2011, SEC.31.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.3. The Public Employees' Retirement Fund › Chapter 3. The Board of Trustees › 5-10.3-3-5. Repealed

As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.28-1984, SEC.4. Repealed by P.L.23-2011, SEC.31.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.3. The Public Employees' Retirement Fund › Chapter 3. The Board of Trustees › 5-10.3-3-6. Repealed

As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.62-2005, SEC.6. Repealed by P.L.23-2011, SEC.31.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.3. The Public Employees' Retirement Fund › Chapter 3. The Board of Trustees › 5-10.3-3-7. Repealed

As added by Acts 1977, P.L.53, SEC.3. Amended by Acts 1979, P.L.17, SEC.6; P.L.35-1985, SEC.20; P.L.5-1990, SEC.7; P.L.119-2000, SEC.4; P.L.107-2010, SEC.2. Repealed by P.L.23-2011, SEC.31.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.3. The Public Employees' Retirement Fund › Chapter 3. The Board of Trustees › 5-10.3-3-7.1. Annual Analysis of Fund

Sec. 7.1. The board shall annually analyze for internal control purposes the fund's;
(1) income and expenditures;
(2) actuarial condition;
(3) reserve accounts;
(4) investments; and
(5) such other data as necessary to interpret the fund's condition and the board's administration of the fund.
As added by Acts 1979, P.L.17, SEC.7.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.3. The Public Employees' Retirement Fund › Chapter 3. The Board of Trustees › 5-10.3-3-8. Repealed

As added by Acts 1977, P.L.53, SEC.3. Amended by Acts 1977(ss), P.L.1, SEC.2; P.L.35-1985, SEC.21; P.L.43-1991, SEC.4; P.L.22-1998, SEC.7; P.L.119-2000, SEC.5; P.L.61-2002, SEC.7; P.L.183-2003, SEC.1. Repealed by P.L.23-2011, SEC.31.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.3. The Public Employees' Retirement Fund › Chapter 3. The Board of Trustees › 5-10.3-3-9. Repealed

As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.46-1988, SEC.1; P.L.5-1990, SEC.8; P.L.115-2009, SEC.9. Repealed by P.L.23-2011, SEC.31.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.3. The Public Employees' Retirement Fund › Chapter 3. The Board of Trustees › 5-10.3-3-10. Actuary; Duties

Sec. 10. The actuary shall perform the duties specified in this article and in IC 5-10.2 and all other duties assigned by the board.
As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.23-2011, SEC.16.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.3. The Public Employees' Retirement Fund › Chapter 4. State Officers of the Fund › 5-10.3-4-1. Repealed

As added by Acts 1977, P.L.53, SEC.3. Amended by P.L.46-1988, SEC.2. Repealed by P.L.115-2009, SEC.21.