RETIREMENT BENEFITS: Requires fiduciaries of public retirement systems to make investment decisions based solely on financial factors. (6/30/25) (OR SEE ACTUARIAL NOTE APV)

This bill requires Louisiana's public retirement systems (like state employee pension funds) to direct their investment managers to base all decisions solely on financial factors - such as risk and return - not on environmental, social, or political goals. It specifically prohibits considering non-financial factors (e.g., reducing emissions, promoting diversity, or divesting over ethical concerns) in investment choices or shareholder voting, defining such actions as violations. The law mandates annual public reporting of proxy votes and authorizes the state Attorney General to enforce compliance, imposing fines (up to three times the service provider’s fee) that fund pension shortfalls. The bill takes effect on June 30, 2025.