The Indiana Public Retirement System (INPRS) soon may be explicitly prohibited from prioritizing environmental, social or governance (ESG) goals when it comes to investing the pension funds of state and local government employees, including teachers.
INPRS officials consistently have said the agency’s investment strategy is focused entirely on hitting a 6.25% annual rate of return, with the least amount of volatility, to ensure the fund meets its long-term obligations to its members.
“INPRS does not make any decisions on ESG policies,” said Tony Green, INPRS deputy executive director.
Nevertheless, inspired in part by anti-ESG campaigns headed by Republican politicians in Indiana and elsewhere, the GOP-led Senate voted 40-7 Monday in favor of legislation essentially codifying INPRS’ current investment strategy and disclaiming all ESG-based investing.
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Senate Bill 292, which now goes to the House, directs the INPRS board, in accordance with its fiduciary duties, to make investment decisions “with the primary purpose of maximizing the target rate of return on the board’s investments.”
It also requires INPRS tabulate and report all proxy votes relating to public pension funds to ensure the votes are based only on financial factors.
A similar proposal, House Bill 1008, set for review by the House Ways and Means Committee on Tuesday, not only prohibits ESG investing but mandates INPRS invest in certain industries popular with Republican lawmakers, such as fossil fuels, firearms and border walls.
The nonpartisan Legislative Services Agency estimates that measure, if enacted into law, would reduce investment returns for the $44 billion public pension fund by $6.7 billion over the next 10 years.
Gallery: Get to know the state symbols of Indiana
State Aircraft: Republic Aviation P-47 Thunderbolt
A 2015 law designated all the Republic Aviation P-47 Thunderbolt airplanes produced in Evansville during World War II as the official state aircraft of Indiana. In 2021, the state aircraft was re-designated as a single P-47 Thunderbolt, known as Hoosier Spirit II, completed two days before the United States and its allies achieved victory in Europe and currently on display at the Evansville Wartime Museum.
(Photo provided by U.S. Air Force)
State Bird: Cardinal
The northern cardinal was adopted as the state bird of Indiana by the 1933 General Assembly. Also known as the redbird, the cardinal is the avian symbol of six additional states: Kentucky, Illinois, North Carolina, Ohio, Virginia and West Virginia.
(Photo by John Luke, The Times)
State Flag
Indiana’s flag was designed by Paul Hadley, of Mooresville, during a 1916 competition held in connection with the statehood centennial. The winning design was made official by the 1917 General Assembly. The torch of liberty and enlightenment is at the center of the flag. The circle of 13 stars represent the original 13 colonies, the half-circle of five stars represent the five additional states that entered the Union before Indiana, and the large star above the flame represents Indiana, the 19th state. Indiana became a state Dec. 11, 1816.
(File image)
State Flower: Peony
The Indiana General Assembly adopted the peony as the state flower in 1957. The bloom, usually red or pink though sometimes white, typically emerges in late spring and is especially popular in China and Japan, in addition to Indiana. The peony actually is Indiana’s second state flower. The zinnia represented Indiana from 1931 to 1957, according to the Indiana Historical Society.
(Photo provided by Katerinjiyuu)
State Fossil: Mastodon
The newest state symbol is actually the oldest. The 2022 General Assembly named the mastodon Indiana’s official fossil. The mastodon is an elephant-like animal that weighed approximately 12,000 pounds and roamed North America, Europe and Asia for more than two million years before going extinct about 10,000 to 11,000 years ago. Dozens of mastodon fossils have been found throughout Indiana, including the bones of at least five mastodons now held by the Indiana State Museum that were found in 2005 by workers digging a pond in the Porter County town of Hebron.
(File image)
State Gun: Grouseland Rifle
An 1805 rifle crafted by John Small was made the official gun of Indiana in 2012. The 5-foot-long rifle, known as the Grouseland rifle, features silver and brass inlay on its stock and barrel. The gun is on permanent display at Grouseland, the Vincennes home of William Henry Harrison when he was governor of Indiana Territory.
(Photo provided by Grouseland Foundation)
State Insect: Say’s Firefly
The 2018 General Assembly designated Say’s firefly as the state insect following three years of lobbying by students at Cumberland Elementary School in West Lafayette. The firefly, which technically is a beetle, is native to Indiana and named for Thomas Say, a 19th century naturalist who lived and worked in New Harmony, Indiana, and is widely considered the father of American entomology. The insect is found in wetlands and wooded areas between mid-May and July, and presents an amber-colored flash that typically pulses 8 to 12 times in a second. Since 2018, the lieutenant governor has presented Brilliant Firefly awards to young Hoosiers who distinguish themselves through outstanding community service, exemplary academic achievement, and/or exceptional leadership in their communities.
(Illustration by Arwin Provonsha, Purdue Department of Entomology)
State Language: English
English was designated the official language of Indiana in 1984. However, many state publications still are issued in multiple languages to reach the broadest possible audience, continuing a tradition that dates to at least 1851 when the proposed state constitution was published in both English and German so all Hoosiers could read it before voting on ratification. State law also recognizes American Sign Language as a widely used language by Hoosiers who are deaf or hard of hearing.
(Photo provided by AbeBooks)
State Motto: “Crossroads of America”
A 1937 General Assembly resolution made “Crossroads of America” the Indiana state motto. Even then, Indiana was crisscrossed by numerous state and national highways. Today, 13 Interstate highways begin in, end at or pass through Indiana. The state’s location and infrastructure frequently are touted by Hoosier economic development officials as among Indiana’s best assets. Many distribution companies are located in the state since it’s within a day’s drive of two-thirds of the nation’s population.
(Photo by Jonathan Miano, The Times)
State Nickname: The Hoosier State
No one knows exactly what “Hoosier” means or where it came from. But the word has been used to identify Indiana residents since the early 19th century. Meredith Nicholson, an Indiana writer who lived from 1866 to 1947, said the origins of “Hoosier” ultimately are less important than the people who identify as Hoosiers. “Hoosiers bear their nickname proudly. Many generations of Hoosier achievement have endowed the term with connotations that are strong and friendly,” Nicholson said. In 2017, the U.S. Government Publishing Office finally agreed to refer to Indiana residents as Hoosiers, instead of “Indianans,” in federal documents.
(Photo provided by amazon.com)
State Pie: Sugar Cream Pie (unofficial)
The sugar cream pie widely is believed to be the state pie since the 2009 Indiana Senate approved a resolution urging it be designated as such. However, the House did not act on the resolution and the General Assembly as a whole never has approved a law making sugar cream the official state pie. Nevertheless, it is a popular choice at Wick’s Pie Company, in Winchester, which produces more than 750,000 sugar cream pies annually. Also known as Hoosier pie, the Amish- and Shaker-originated dessert can easily be made using only sugar, flour, whipping cream, vanilla and nutmeg.
(Photo provided)
State Poem: “Indiana”
A 1963 law enacted by the General Assembly designated “Indiana,” by Arthur Franklin Mapes, of Kendallville, as the official state poem.
INDIANA
God crowned her hills with beauty,
Gave her lakes and winding streams,
Then He edged them all with woodlands
As the setting for our dreams.
Lovely are her moonlit rivers,
Shadowed by the sycamores,
Where the fragrant winds of Summer
Play along the willowed shores.
I must roam those wooded hillsides,
I must heed the native call,
For a pagan voice within me
Seems to answer to it all.
I must walk where squirrels scamper
Down a rustic old rail fence,
Where a choir of birds is singing
In the woodland . . . green and dense.
I must learn more of my homeland
For it’s paradise to me,
There’s no haven quite as peaceful,
There’s no place I’d rather be.
Indiana . . . is a garden
Where the seeds of peace have grown,
Where each tree, and vine, and flower
Has a beauty . . . all its own.
Lovely are the fields and meadows,
That reach out to hills that rise
Where the dreamy Wabash River
Wanders on . . . through paradise.
(Photo provided by U.S. Postal Service)
State River: Wabash
The Wabash River flows through many communities in north-central Indiana, including Lafayette, and forms the southwestern border of the state with Illinois before joining the Ohio River. It was designated the state’s official river by the 1996 General Assembly.
(Photo provided by Visit Lafayette-West Lafayette)
State Seal
The current state seal was adopted by the General Assembly in 1963. Similar versions of the pioneer scene depicted in the seal have been used since Indiana was a territory to authenticate official documents. Lawmakers, scholars and Hoosiers have debated for years whether the sun is rising or setting. The official description of the seal indicates that it is a setting sun.
(Photo provided)
State Snack: Indiana-Grown Popcorn
Popcorn grown in Indiana was designated the official snack of the Hoosier State by the 2021 General Assembly. The 80,000 acres of popcorn annually cultivated in Indiana typically are first- or second-most in the country, and Indiana-grown popcorn is recognized around the world as among the very best. Notably, Orville Redenbacher built a global popcorn empire from Valparaiso.
(Photo by Kale Wilk, The Times)
State Song: “On the Banks of the Wabash, Far Away”
“On the Banks of the Wabash, Far Away,” written by Paul Dresser in 1897, was one of the most popular songs of the 19th century — in part because it was among the first songs to be recorded for the phonograph. The lyrics recall Dresser’s childhood growing up near the Wabash River. It became the first official symbol of Indiana, preceding even the state flag, when it was adopted as the state song in 1913.
(Photo provided)
State Stone: Limestone
Indiana limestone, also called Bedford limestone or Salem limestone, is rated among the highest-quality limestone quarried on earth. It has been used to construct 35 of the 50 statehouses, including Indiana’s, the Empire State Building, Pentagon, Washington National Cathedral, many buildings at the University of Chicago and most of the county courthouses in the state. In recognition of its importance to Indiana, especially the south-central region where the limestone is dug out of the ground, it was designated the official state stone by the 1971 General Assembly.
(Photo by Dan Carden, The Times)
State Tree: Tulip tree
The 1931 Indiana General Assembly adopted the tulip tree as the state’s arboreal symbol. The tulip tree is a member of the magnolia family and features goblet-shaped, orange-yellow-green flowers that emerge in late spring. Its leaves also have a distinctive shape that have been incorporated into the border of the Indiana state seal.
(Photo by Mary Freda, The Times)