Indiana State Police Benefit Fund
| Indiana State Police Benefit Fund | |
 | |
| Basic facts | |
| Location: | Indianapolis, Indiana |
| Top official: | Superintendent Douglas G. Carter, chairman |
| Year founded: | 1937 |
| Active members: | 1,618 |
| Website: | Official website |
| Total assets under management | |
| 2023: | $187,495,947 |
- See also: Public pensions in Indiana
The Indiana State Police Benefit Fund (the fund), also called the Indiana Pension Trust Agreement, is a Indiana state pension fund that provides retirement, disability, and survivor benefits to the Indiana Department of State Police employees. The fund had $187,495,947 ($187.5 million) in total assets under management as of June 30, 2023.[1]
The management of public pension funds can indicate support or opposition to environmental, social, and corporate governance (ESG) investment practices. ESG investing considers the extent to which corporations align with and promote certain non-financial standards, such as net carbon emission or corporate board diversity goals. States typically hire asset management companies (AMCs) to direct pension plan investments, some of which have ESG commitments that guide their strategies.
This article features the following sections:
- Background: Information about the structure and functions of the fund.
- Pension performance overview: Overview of the funding level and assets managed by the fund.
- Assets and asset management: Information about the asset management companies (AMCs) that contract with the fund, including a list of contracting AMCs that are participants in the Net Zero Asset Managers Initiative and the Climate Action 100+ initiative.
- Governance and accountability: Details about the fund's oversight board, including members and selection.
Background
- See also: Public pensions
The Indiana State Police Benefit Fund (the fund), founded in 1937, invests the assets of and provides funding for the employees of the Indiana Department of State Police. The fund operates as two plans, titled the Pre-1987 Benefit System and the 1987 Benefit System.[2]
The fund served over 1,618 active members and approximately 1,083 retirees and beneficiaries as of June 30, 2023.[2][1]
Pension performance overview
The following table features information about the funding level and assets managed by the Indiana State Police Benefit Fund as of June 30, 2023:[1]
| Indiana State Police Benefit Fund pension performance (June 30, 2023) | |||
|---|---|---|---|
| Fiscal year | Percent funded | Unfunded liabilities | Total assets[3] |
| 2023 | 90.1% | $20,531,882 | $187,495,947 |
Assets and asset management
| Environmental, social, and corporate governance |
|---|
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| • What is ESG? • Enacted ESG legislation • Arguments for and against ESG • Opposition to ESG • Federal ESG rules • Economy and Society: Ballotpedia's weekly ESG newsletter |
Asset management companies (AMCs) are hired to manage asset investment for state pension funds across all 50 states.
As of October 2024, 330 AMCs were members of the Net Zero Asset Managers Initiative (NZAM), and 391 AMCs were investor participants in the Climate Action 100+ initiative. Both international asset manager initiatives aimed to align the investment decisions of signatories with the goal of achieving net zero greenhouse gas emissions by 2050.[4][5]
NZAM announced on January 13, 2025, that it was suspending operations and removing the commitment statement and list of signatories from its website. The group said in a statement it would reevaluate its plans and operations in light of “[r]ecent developments in the U.S. and different regulatory and client expectations in investors’ respective jurisdictions.”[6]
List of AMCs contracting with the Indiana State Police Benefit Fund
Research regarding AMCs contracting with the Indiana State Police Benefit Fund is pending.
Governance and accountability
This section features information about the six-member board of trustees, called the Pension Advisory Board, that oversees the Indiana State Police Benefit Fund (the fund). The board is specific to oversight of the fund and does not exercise oversight duties for other state funds.[7]
Board selection method
The board of trustees that oversees the fund is made up of six members. The trustees members include the Superintendent of the Indiana State Police Department, who serves as chairman; a member of the Police Board; a Pension Engineers representative; and three members of the Department of State Police, including one who is elected by the employee beneficiaries.[7]
See also
- Public pensions in Indiana
- Environmental, social, and corporate governance (ESG)
- Arguments about environmental, social, and corporate governance (ESG)
- Opposition to environmental, social, and corporate governance (ESG) investing
- Reform proposals related to environmental, social, and corporate governance (ESG)
- State legislative approaches opposing ESG investing
- State legislative approaches supporting ESG investing
External links
Footnotes
- ↑ 1.0 1.1 1.2 Indiana.gov, “GASB 74/75 ACTUARIAL VALUATION Fiscal Year Ending June 30, 2023 STATE OF INDIANA Indiana State Police,” July 2, 2024
- ↑ 2.0 2.1 Indiana.gov, “Indiana State Police Department Pension Trust Agreement Restated January 1, 2023,” July 2, 2024
- ↑ Note: By default, this refers to the actuarial valuation of total assets. In some cases, the total market value of assets is shown instead. See the cited source for details.
- ↑ The Net Zero Asset Managers Initiative, "The Net Zero Asset Managers Initiative," accessed January 26, 2023
- ↑ Climate Action 100+, "The Three Goals," accessed June 20, 2023
- ↑ Pensions and Investments, "Net Zero Asset Managers initiative to suspend activities in wake of BlackRock departure," accessed January 15, 2024
- ↑ 7.0 7.1 IN.gov, “Pension Program,’’ July 9, 2024
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