Sec. 1. The general assembly finds the following: (1) Mandatory divestment by the system of the system’s holdings in certain companies is a measure that should be employed only under extraordinary circumstances. (2) The Jewish state of Israel is the only democracy in the Middle East. (3) By virtue of shared values and interests, the […]
Sec. 10. As used in this chapter, “restricted business” means a business that engages in boycott, divest from, or sanction Israel activity. As added by P.L.177-2016, SEC.1.
Sec. 11. As used in this chapter, “system” refers to the Indiana public retirement system established by IC 5-10.5-2-1. As added by P.L.177-2016, SEC.1.
Sec. 12. (a) Not later than January 31, 2017, the board shall make a good faith effort to identify all restricted businesses in which a fund has direct or indirect holdings. (b) In carrying out its responsibilities under subsection (a), and at the board’s discretion, the board may use existing research or contract with a […]
Sec. 13. After the board creates or updates the restricted business list under section 12 of this chapter, the board shall immediately identify the businesses on the restricted business list in which a fund has direct or indirect holdings. As added by P.L.177-2016, SEC.1.
Sec. 14. (a) The board shall send to each restricted business that is identified under section 13 of this chapter as a business in which a fund has direct or indirect holdings a written notice concerning the contents of this chapter and a statement indicating that the fund’s holdings in the business may become subject […]
Sec. 15. If, within ninety (90) days after the system’s first engagement with a business under section 14 of this chapter, the business ceases boycott, divest from, or sanction Israel activity, the business shall be removed from the restricted business list and sections 16, 17, 18, and 19 of this chapter cease to apply to […]
Sec. 16. (a) Except as provided in sections 18 and 19 of this chapter, if, after ninety (90) days after the system’s first engagement with a business under section 14 of this chapter, the business continues to engage in boycott, divest from, or sanction Israel activity, the system shall sell, redeem, divest, or withdraw all […]
Sec. 17. Except as provided in sections 18 and 19 of this chapter, the system shall not acquire for a fund securities of businesses on the restricted business list. As added by P.L.177-2016, SEC.1.
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.
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 […]
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.177-2016, SEC.1.
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 […]
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 […]
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 […]
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. […]
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 […]
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. […]
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.
Sec. 3. Except as provided in section 1(6) of this chapter, as used in this chapter, “boycott, divest from, or sanction Israel activity” means action or inaction that: (1) furthers; (2) coordinates with; or (3) acquiesces in; an effort by another person to penalize, inflict economic harm on, or otherwise limit commercial relations with the […]
