Indiana Code 5-10.2-13-13. Divestment
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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:
(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.
(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.
Terms Used In Indiana Code 5-10.2-13-13
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- board: refers to the board of trustees of the Indiana public retirement system established by Indiana Code 5-10.2-13-2
- divest: means a sale, redemption, replacement, or any other activity that terminates the investment. See Indiana Code 5-10.2-13-4
- fund: refers to any public pension and retirement funds of the system (as defined in Indiana Code 5-10.2-13-5
- investment: refers to any investment that the board or system is authorized to make under Indiana Code 5-10.2-13-6
- restricted entity: refers to the following, including wholly owned subsidiaries, majority owned subsidiaries, parent companies, and affiliates that exist for profit-making purposes:
Indiana Code 5-10.2-13-8
- restricted investment product: refers to an investment product that:
Indiana Code 5-10.2-13-9
- system: has the meaning set forth in Indiana Code 5-10.2-13-10
(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.