The Indiana Public Retirement System (INPRS) Board of Trustees approved proposed updates to our Investment Policy Statement (IPS) during the Sept. 6, 2024, board meeting.

Each year, the INPRS Investment staff is required to review the IPS and propose any changes to the Board.  The IPS supports INPRS’s primary objective of maintaining adequate funding for the defined benefit retirement funds and other funds.

The IPS sets forth the investment policies that the Board of Trustees judge to be appropriate and prudent, defines roles and responsibilities for multiple parties, establishes criteria to evaluate the performance of the investment managers, and serves as a guide relative to the ongoing oversight of the System’s investments.

The updates approved at the Sept. 6, 2024 board meeting are as follows:

• Clarifies the System and its IPS rules.
• Expands portfolio concentration percentage thresholds from DB and DC to the whole INPRS system, aligning with the manager concentration percentage thresholds outlined in Sec. 8.2.1 of the IPS.
• Makes updates to Addendum 5 Securities Lending Policy. Clarifies the role of collateral pledged by borrowers and defers to INPRS-BNY separate Securities Lending Agreement.
• To read the INPRS Investment Policy Statement in full, please visit www.in.gov/inprs/files/INPRS_IPS.pdf.