Arizona 57th Legislature - First Regular Session Status: In Committee 1 R cosponsors

SB 1592 — ASRS; investments; fiduciaries; duties; limitations

Last action — Senate Second Reading

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 57th Legislature - First Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Bill Text

How this bill changes current law

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AI-generated reading aid from the bill's amendatory text — verify against the official bill.

The bill amends existing law to clarify fiduciary duties of investment managers within the Arizona State Retirement System (ASRS) and establishes voting limitations based solely on pecuniary factors.

  • Section 38-718

    AND SECTION 38-718.01.

    This change incorporates the new section 38-718.01 into the investment policies determined by the board.

  • 38-718.01. ASRS; fiduciaries; duties; voting of ownership interests; investment managers; list; posting; definitions

    This addition establishes a new section defining fiduciaries' duties specifically related to the ASRS.

  • 38-718.01

    A FIDUCIARY SHALL DISCHARGE THE FIDUCIARY'S DUTIES WITH RESPECT TO A PLAN SOLELY IN THE INTEREST OF THE PARTICIPANTS AND BENEFICIARIES OF THE PLAN FOR THE EXCLUSIVE PURPOSE OF PROVIDING PECUNIARY BENEFITS TO THE PARTICIPANTS AND THEIR BENEFICIARIES, DEFRAYING REASONABLE EXPENSES OF ADMINISTERING THE PLAN AND EARNING A RETURN ON THE INVESTMENT.

    This requirement ensures fiduciaries prioritize participants' financial interests.

  • 38-718.01

    A FIDUCIARY SHALL TAKE INTO ACCOUNT ONLY PECUNIARY FACTORS WHEN EVALUATING AN INVESTMENT OR DISCHARGING THE FIDUCIARY'S DUTIES WITH RESPECT TO A PLAN. A FIDUCIARY MAY NOT TAKE INTO ACCOUNT ANY NONPECUNIARY OR OTHER FACTORS WHEN EVALUATING AN INVESTMENT.

    This mandates fiduciaries to focus exclusively on financial factors in investment decisions.

  • 38-718.01

    ONLY ASRS MAY VOTE THE SHARES HELD BY THE PLAN. ASRS MAY NOT GRANT PROXY VOTING AUTHORITY TO ANY PERSON UNLESS THAT PERSON FOLLOWS GUIDELINES CONSISTENT WITH ASRS'S OBLIGATION TO ACT BASED ONLY ON PECUNIARY FACTORS.

    This restricts voting on shares to ASRS itself and ensures adherence to pecuniary-focused guidelines.

  • 38-718.01

    THE SHARES HELD DIRECTLY OR INDIRECTLY BY ASRS SHALL BE VOTED ONLY IN THE PECUNIARY INTEREST OF THE PLAN. THE SHARES MAY NOT BE VOTED TO FURTHER NONPECUNIARY, ENVIRONMENTAL, SOCIAL, POLITICAL, IDEOLOGICAL OR OTHER BENEFITS OR GOALS.

    This prohibits voting to advance any non-financial objectives.

  • 38-718.01

    A FIDUCIARY MAY NOT ADOPT A PRACTICE OF FOLLOWING THE RECOMMENDATIONS OF A PROXY ADVISORY FIRM OR OTHER SERVICE PROVIDER UNLESS THE PROXY ADVISORY FIRM'S OR THE SERVICE PROVIDER'S PROXY VOTING GUIDELINES ARE CONSISTENT WITH THE FIDUCIARY'S OBLIGATION TO ACT BASED ONLY ON PECUNIARY FACTORS.

    This restricts the adoption of proxy voting practices that are not aligned with the pecuniary focus.

  • 38-718.01

    ASRS SHALL POST A CURRENT LIST OF ASRS INVESTMENTS AND INVESTMENT MANAGERS BY NAME ON ASRS'S PUBLICLY ACCESSIBLE WEBSITE. ASRS SHALL UPDATE ANY CHANGES TO THE LIST WITHIN A REASONABLE PERIOD OF TIME.

    This mandates transparency regarding ASRS investments and managers by requiring public disclosure.

Action History

  1. Senate Second Reading

  2. Senate First Reading

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 92 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (92)

92 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance
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Frequently asked questions

Who sponsors SB 1592?
SB 1592 is sponsored by Wendy Rogers (Republican).
What is the current status of SB 1592?
This bill died with 57th Legislature - First Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 1592?
Track SB 1592 free on One Click Politics — get push/email alerts when it moves.

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