Indiana 2023 Regular Session Status: Enacted 46 R cosponsors

HB 1008 — Pension investments.

Last action — Signed by the Governor

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

This bill has been enacted into law. Introduced January 12, 2023. Enacted.

Odds of enactment

High chance

Based on the sponsor, cosponsors, and committee posture, this bill has a high chance of becoming law.

Upgrade to see the exact probability and what's driving it.

A statistical estimate from our own model of past outcomes — an insight, not a guarantee. Policymaking is volatile.

Prognosis

Likely to advance 82% · moderate confidence

  • Enacted

    Current position in the legislative process.

  • 53 sponsors

    4 primary, 49 co-sponsors signed on.

  • Single-party support

    Sponsorship is currently within one party (46 R).

  • Cleared a recorded vote

    Passed 1 recorded vote so far.

Based on stage, sponsorship breadth, committee status, recorded votes, and cross-state momentum — a description of the observable signals, not a prediction.

Summary

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.

Bill Text

We don't have the full text on file for this bill yet.

Read HB 1008 on the official Indiana source →

Action History

  1. Signed by the Governor

  2. Public Law 206

  3. Signed by the Speaker

  4. Signed by the President of the Senate

  5. Signed by the President Pro Tempore

  6. House concurred in Senate amendments; Roll Call 488: yeas 66, nays 29

  7. Motion to concur filed

  8. Returned to the House with amendments

  9. Third reading: passed; Roll Call 382: yeas 38, nays 9

  10. Second reading: amended, ordered engrossed

  11. Amendment #1 (Holdman) prevailed; voice vote

  12. Senator Crane added as cosponsor

  13. Committee report: amend do pass, adopted

  14. Senator Rogers added as cosponsor

  15. First reading: referred to Committee on Pensions and Labor

  16. Referred to the Senate

  17. Senate sponsors: Senators Holdman, Koch, Busch

  18. Representative Hostettler added as coauthor

  19. Third reading: passed; Roll Call 238: yeas 66, nays 30

  20. Representative Wesco added as coauthor

  21. 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

  22. Rule 105.1 suspended

  23. Second reading: ordered engrossed

  24. Amendment #9 (DeLaney) ruled out of order

  25. Amendment #8 (DeLaney) failed; Roll Call 215: yeas 29, nays 66

  26. Amendment #4 (Bauer M) failed; Roll Call 213: yeas 28, nays 66

  27. Amendment #2 (Gore) failed; Roll Call 212: yeas 29, nays 66

  28. Amendment #1 (Harris) failed; Roll Call 211: yeas 29, nays 66

  29. Amendment #6 (Johnson) failed; Roll Call 210: yeas 29, nays 64

  30. Amendment #3 (Gore) failed; Roll Call 209: yeas 29, nays 66

  31. Amendment #5 (Hatfield) failed; Roll Call 208: yeas 29, nays 65

  32. Amendment #10 (Hatfield) failed; Roll Call 216: yeas 29, nays 63

  33. Amendment #7 (Johnson) failed; Roll Call 214: yeas 29, nays 66

  34. Committee report: amend do pass, adopted

  35. Referred to the Committee on Ways and Means pursuant to House Rule 127

  36. Committee report: amend do pass, adopted

  37. First reading: referred to Committee on Financial Institutions

  38. Authored by Representative Manning

  39. Coauthored by Representatives Speedy and Lindauer

Sponsors

Sponsorship breakdown

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4 sponsors · 49 co-sponsors · 97 not signed on · 27 voted No

Sponsors (4)

Co-sponsors (49)

Not signed on (97)

97 members have not signed on to this bill.

Show all 97 →

"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

Votes

HB 1008 - Manning - 3rd Reading

Passed 66 Yea · 30 Nay · 4 Other
Party YeaNayPresentNot Voting
Republican 57101
Unaffiliated 9403
Democrat 02500
Total 663004
% of votes cast 66%30%0%4%
How each member voted (100)
Member Party Vote
Schaibley — Yea
Morrison — Yea
Cherry — Yea
Negele — Yea
Torr — Yea
Vermilion — Yea
Frye — Yea
Goodrich — Yea
Lyness — Yea
Fleming — Nay
Johnson — Nay
Boy — Nay
Hatfield — Not Voting
Speedy — Not Voting
Zent — Not Voting
Garcia Wilburn — Nay
Carey Hamilton Democrat Nay
Carolyn Jackson Democrat Nay
Cherrish Pryor Democrat Nay
Chris Campbell Democrat Nay
Chuck Moseley Democrat Nay
Earl Harris Democrat Nay
Edward DeLaney Democrat Nay
Gregory Porter Democrat Nay
John Bartlett Democrat Nay
Justin Moed Democrat Nay
Kyle Miller Democrat Nay
Matt Pierce Democrat Nay
Maureen Bauer Democrat Nay
Mike Andrade Democrat Nay
Mitch Gore Democrat Nay
Philip GiaQuinta Democrat Nay
Ragen Hatcher Democrat Nay
Renee Pack Democrat Nay
Robin Shackleford Democrat Nay
Ryan Dvorak Democrat Nay
Sheila Klinker Democrat Nay
Sue Errington Democrat Nay
Tonya Pfaff Democrat Nay
Vanessa Summers Democrat Nay
Vernon Smith Democrat Nay
Beau Baird Republican Not Voting
Becky Cash Republican Yea
Ben Smaltz Republican Yea
Brad Barrett Republican Yea
Bruce Borders Republican Yea
Chris Jeter Republican Yea
Chris Judy Republican Yea
Chris May Republican Yea
Cindy Ledbetter Republican Yea
Cory Criswell Republican Yea
Craig Haggard Republican Yea
Craig Snow Republican Yea
Dale DeVon Republican Yea
Dave Hall Republican Yea
Dave Heine Republican Yea
David Abbott Republican Yea
Doug Miller Republican Yea
Edmond Soliday Republican Yea
Edward Clere Republican Nay
Elizabeth Rowray Republican Yea
Ethan Manning Republican Yea
Gregory Steuerwald Republican Yea
Harold Slager Republican Yea
Heath VanNatter Republican Yea
J.D. Prescott Republican Yea
Jack Jordan Republican Yea
Jake Teshka Republican Yea
Jeffrey Thompson Republican Yea
Jennifer Meltzer Republican Yea
Jim Lucas Republican Yea
Jim Pressel Republican Yea
Joanna King Republican Yea
Julie McGuire Republican Yea
Julie Olthoff Republican Yea
Karen Engleman Republican Yea
Kendell Culp Republican Yea
Kyle Pierce Republican Yea
Lindsay Patterson Republican Yea
Lorissa Sweet Republican Yea
Mark Genda Republican Yea
Martin Carbaugh Republican Yea
Matt Hostettler Republican Yea
Matt Lehman Republican Yea
Michael Karickhoff Republican Yea
Michelle Davis Republican Yea
Mike Aylesworth Republican Yea
Peggy Mayfield Republican Yea
Robb Greene Republican Yea
Robert Behning Republican Yea
Robert Heaton Republican Yea
Robert Morris Republican Yea
Ryan Lauer Republican Yea
Shane Lindauer Republican Yea
Steve Bartels Republican Yea
Timothy O'Brien Republican Yea
Timothy Wesco Republican Yea
Todd Huston Republican Yea
Wendy McNamara Republican Yea
Zach Payne Republican Yea

Official roll call →

Subjects

finance labor
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does HB 1008 do?
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.
Who sponsors HB 1008?
HB 1008 is sponsored by John Crane, Linda Rogers (Republican), Justin Busch (Republican), Eric Koch (Republican), Travis Holdman (Republican), Matt Hostettler (Republican), Timothy Wesco (Republican), Dave Heine (Republican), Chris Jeter (Republican), Becky Cash (Republican), Jim Pressel (Republican), Doug Miller (Republican), Joanna King (Republican), Gregory Steuerwald (Republican), Cory Criswell (Republican), Dale DeVon (Republican), Brad Barrett (Republican), Ann Vermilion, Lindsay Patterson (Republican), Jack Jordan (Republican), Robert Cherry, Robert Heaton (Republican), Karen Engleman (Republican), Zach Payne (Republican), Cindy Ledbetter (Republican), Mike Aylesworth (Republican), Randall Frye, Lorissa Sweet (Republican), Jim Lucas (Republican), Kendell Culp (Republican), Craig Haggard (Republican), Robert Behning (Republican), Bruce Borders (Republican), Alan Morrison, Michelle Davis (Republican), Craig Snow (Republican), Peggy Mayfield (Republican), Chuck Goodrich, Ryan Lauer (Republican), Robb Greene (Republican), Chris Judy (Republican), Steve Bartels (Republican), Jake Teshka (Republican), Chris May (Republican), Matt Lehman (Republican), Robert Morris (Republican), Julie McGuire (Republican), David Abbott (Republican), J.D. Prescott (Republican), Edmond Soliday (Republican), Shane Lindauer (Republican), Mike Speedy, and Ethan Manning (Republican).
What is the current status of HB 1008?
This bill has been enacted into law. Introduced January 12, 2023. Enacted.
Where can I track HB 1008?
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