RETIREMENT SYSTEMS: Provides relative to public retirement system proxy voting on shareholder sponsored proposals (RE SEE ACTUARIAL NOTE FC)

HB 981 amends the state's public retirement system laws to clarify how proxy voting works for shareholder proposals. The bill specifically defines what counts as a proxy advisory firm, explicitly excluding investment managers or advisors hired directly by the retirement system, plan, or fund. This change ensures that only independent third-party firms are considered when determining who can vote on behalf of the system's investments. The legislation directly affects the administration of public retirement systems by refining the rules around external voting guidance.