SB 24

                                                           Introduced Version
            SENATE BILL No. 24
                 _____
              DIGEST OF INTRODUCED BILL
Citations Affected: IC 5-35; IC 34-30-2.1-51.5.
Synopsis: State administered retirement program. Establishes a board
to design, establish, and operate a state administered retirement
program (program) that automatically enrolls specified private sector
employees. Requires program compliance by certain employers that
have not, in the previous two calendar years, offered a qualified
retirement plan to employees. Specifies the powers and duties of the
board. Specifies program requirements, including default contribution
levels and program fees. Requires the board to contract with
investment managers, private financial institutions, or other service
providers to invest money and administer the program. Limits the
liability of particular parties associated with the program. Specifies
board requirements for disclosure, audits, and reports. Requires the
board to adopt certain rules. Makes an appropriation.
Effective: July 1, 2026.
            Becker, Glick, Leising
   December 8, 2025, read first time and referred to Committee on Appropriations.
2026  IN 24—LS 6017/DI 153
                                                                                       Introduced
            Second Regular Session of the 124th General Assembly (2026)
 PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana
 Constitution) is being amended, the text of the existing provision will appear in this style type,
 additions will appear in this style type, and deletions will appear in this style type.
   Additions: Whenever a new statutory provision is being enacted (or a new constitutional
 provision adopted), the text of the new provision will appear in this style type. Also, the
 word NEW will appear in that style type in the introductory clause of each SECTION that adds
 a new provision to the Indiana Code or the Indiana Constitution.
  Conflict reconciliation: Text in a statute in this style type or this style type reconciles conflicts
 between statutes enacted by the 2025 Regular Session of the General Assembly.
                    SENATE BILL No. 24
    A BILL FOR AN ACT to amend the Indiana Code concerning state
 and local administration and to make an appropriation.
     Be it enacted by the General Assembly of the State of Indiana:
1    SECTION 1. IC 5-35 IS ADDED TO THE INDIANA CODE AS A
2 NEW ARTICLE TO READ AS FOLLOWS [EFFECTIVE JULY 1,
3 2026]:
4    ARTICLE 35. HOOSIER CROSSROADS RETIREMENT
5 PROGRAM
6    Chapter 1. Definitions
7    Sec. 1. The definitions in this chapter apply throughout this
8 article.
9    Sec. 2. "Board" means the Hoosier crossroads retirement board
10 established by IC 5-35-2-1.
11    Sec. 3. "Employee" means an individual who:
12      (1) is at least eighteen (18) years of age;
13      (2) is employed by an employer for at least ninety (90) days;
14      and
15      (3) earns wages subject to income taxation under IC 6-3.
16    Sec. 4. "Employer" means a person or entity engaged in a
17 for-profit or not-for-profit business, industry, profession, trade, or
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1 other enterprise in Indiana, that:
2(1) employed at least five (5) employees at any time during the
3previous calendar year;
4(2) has been in business for at least one (1) year; and
5(3) has not offered, in the previous two (2) calendar years, a
6qualified retirement plan to employees, including a plan
7qualified under Section 401(a), 401(k), 403(a), 403(b), 408(k),
8408(p), or 457(b) of the Internal Revenue Code.
9     Sec. 5. "Fee" means investment management charges,
10 administrative charges, investment advice charges, trading fees,
11 marketing and sales fees, revenue sharing, broker fees, and other
12 costs necessary to operate the program.
13     Sec. 6. "Internal Revenue Code" has the meaning set forth in
14 IC 6-3-1-11.
15     Sec. 7. "IRA" means a:
16(1) Roth individual retirement account authorized under
17Section 408A of the Internal Revenue Code; or
18(2) traditional individual retirement account.
19     Sec. 8. "Program" means the Hoosier crossroads retirement
20 program developed under IC 5-35-3-1.
21     Sec. 9. "Program administrator" means an entity with which
22 the board contracts to administer the program.
23     Sec. 10. "Wages" means compensation (as defined in Section
24 219(f)(1) of the Internal Revenue Code) received by an employee
25 from an employer during the calendar year.
26     Chapter 2. Hoosier Crossroads Retirement Board
27     Sec. 1. (a) The Hoosier crossroads retirement board is
28 established within the office of the treasurer of state for the
29 purpose of establishing and implementing the Hoosier crossroads
30 retirement program. The board is a body corporate and politic and
31 is not a state agency. The board is an instrumentality of the state
32 exercising essential public functions.
33     (b) The board consists of the following nine (9) voting members:
34(1) The treasurer of state or the treasurer of state's designee.
35(2) The state comptroller or the state comptroller's designee.
36(3) The following seven (7) members appointed by the
37governor:
38(A) Four (4) members of the public who have expertise in
39investment or retirement savings plan administration,
40including:
41(i) the day to day operations of plans;
42(ii) maintaining individual accounts;
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1(iii) investing assets in a retirement savings plan; and
2(iv) individual financial planning.
3Of the members appointed under this clause, at least one
4(1) member must be a representative of a federally
5chartered bank and at least one (1) member must be a
6representative of a state chartered bank.
7(B) One (1) member who is a representative of an
8association representing employees.
9(C) One (1) member who is a representative of small
10businesses.
11(D) One (1) member who is a representative of the interests
12of program participants.
13     (c) The governor shall appoint board members as soon as
14 practicable.
15     (d) A board member appointed by the governor serves a term
16 of four (4) years that ends on June 30 of the second odd-numbered
17 year after the year the member's term begins.
18     Sec. 2. (a) The treasurer of state or the treasurer of state's
19 designee shall serve as chairperson of the board.
20     (b) The board shall elect from among its members any other
21 officers as may be necessary for the board to carry out its duties
22 and responsibilities.
23     Sec. 3. (a) The board shall meet at least four (4) times annually.
24     (b) The chairperson is authorized to call and set the agenda for
25 each board meeting.
26     (c) The board may conduct meetings remotely by teleconference
27 or videoconference. A member who attends a meeting by
28 teleconference or videoconference may vote on any measure.
29     Sec. 4. (a) Five (5) of the members of the board constitute a
30 quorum. A member's remote or in person attendance at a board
31 meeting counts toward the quorum determination.
32     (b) Each board member has one (1) vote.
33     (c) The board may take action consistent with its powers if:
34(1) a quorum is present at a board meeting; and
35(2) a majority of the members present at the meeting vote in
36favor of the action.
37     Sec. 5. (a) The governor shall fill a vacancy on the board for a
38 member described in section 1(b)(3) of this chapter in the same
39 manner as the original appointment. The newly appointed member
40 serves the balance of the unexpired term.
41     (b) A vacancy on the board does not impair the right of a
42 quorum to exercise the powers and duties of the board.
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1    Sec. 6. (a) Members of the board are not entitled to the
2 minimum salary per diem provided by IC 4-10-11-2.1(b). Each
3 member is, however, entitled to reimbursement for mileage and
4 traveling expenses as provided under IC 4-13-1-4 and other
5 expenses actually incurred in connection with the member's duties
6 as provided in the state policies and procedures established by the
7 Indiana department of administration and approved by the budget
8 agency. Amounts paid under this section shall be paid from the
9 fund (as defined in IC 5-35-4-1).
10    (b) Except as provided in subsection (c), members of the board
11 shall serve for the duration of the member's term and may be
12 reappointed.
13    (c) Members of the board appointed by the governor serve at
14 the pleasure of the governor. The governor may remove an
15 appointed member of the board for any of the following:
16      (1) Neglect of a duty required by law.
17      (2) Incompetence.
18      (3) Malfeasance.
19      (4) Unprofessional conduct.
20      (5) Conviction of an offense involving the misappropriation of
21      funds.
22    Sec. 7. (a) A board member, an individual serving as staff for
23 the board, and an agent appointed or engaged by the board shall
24 discharge their duties as fiduciaries with respect to the program
25 solely in the interest of the employee participants and beneficiaries
26 as follows:
27      (1) For the exclusive purpose of providing benefits to
28      employee participants and defraying reasonable expenses of
29      administering the program.
30      (2) By investing with the care, skill, prudence, and diligence
31      under the circumstances then prevailing that a prudent
32      person acting in a like capacity and familiar with those
33      matters would use in the conduct of an enterprise of a like
34      character and with like aims.
35      (3) By using any contributions paid by employees and
36      employers into the program exclusively for:
37(A) the purpose of paying benefits to the employee
38participants;
39(B) the cost of administration of the program; and
40(C) investments made for the benefit of the program.
41    (b) A board member, an individual serving as staff for the
42 board, and an agent appointed or engaged by the board shall not
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1 engage in any activities that might result in a conflict of interest
2 with their duties.
3    Sec. 8. A board member, a program administrator, and any
4 other staff of the board shall not do any of the following:
5      (1) Directly or indirectly have a personal financial interest in
6      the making of any investment for the program, or in the gains
7      or profits accruing from any investment made for the
8      program.
9      (2) Borrow any funds or deposits in program accounts or the
10      fund (as defined in IC 5-35-4-1), or use those funds or deposits
11      in any manner, as an individual or as an agent or partner of
12      others.
13      (3) Become an endorser, surety, or obligor on investments
14      made under the program.
15    Sec. 9. (a) The board has the following powers and duties:
16      (1) Establish, implement, and maintain the program.
17      (2) Adopt rules for the general administration of the program.
18      (3) Direct the treasurer of state to hire staff to support the
19      oversight and administration of the program.
20      (4) Adopt an investment policy statement.
21      (5) Oversee the investment of the funds contributed to
22      accounts in the program consistent with the investment
23      restrictions established by the board.
24      (6) Collect application, account, or administrative fees to
25      defray the costs of administering the program.
26      (7) Explore and, as appropriate, establish incentives to
27      encourage participation in the program by eligible employers
28      and eligible employees. The incentives described in this
29      subdivision must include a grant program for:
30(A) incentivizing compliance with the program; and
31(B) defraying the costs of the program for small businesses.
32      (8) Seek and accept gifts, grants, and donations to be used for
33      the grant program established under subdivision (7) and for
34      the purposes of this article, unless the gifts, grants, or
35      donations would result in a conflict of interest relating to the
36      solicitation of vendors for program administration.
37      (9) Enter into a contract, agreement, or arrangement for any
38      of the following services considered necessary or desirable for
39      carrying out the purposes of this article:
40(A) Services of private and public financial institutions,
41depositories, consultants, investment advisers, investment
42administrators, and third party program administrators.
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1(B) Research, technical, and other services.
2(C) Services of other state agencies to assist the board in its
3duties.
4     (10) Set fair and just penalties for employers that do not
5     comply with the requirements of the program and work with
6     the department of labor to enforce compliance with the
7     program.
8     (11) Evaluate the need for the program, program
9     administration, and board members to have private
10     insurance, and, if necessary, the procedures that must be
11     followed concerning private insurance.
12     (12) Develop and implement an outreach plan to gain input
13     and disseminate information regarding the program and
14     retirement savings in general.
15     (13) Assess the feasibility of multi-state or regional
16     agreements to administer the program through shared
17     administrative resources and enter into those agreements if
18     determined beneficial.
19     (14) Include financial education as a part of program
20     implementation to the extent feasible given available
21     resources.
22     (15) Make and enter into contracts, agreements, memoranda
23     of understanding, arrangements, partnerships, or other
24     arrangements to collaborate, cooperate, coordinate, contract,
25     or combine resources, investments, or administrative
26     functions with other governmental entities, including states,
27     state agencies, or instrumentalities of states that maintain or
28     are establishing retirement savings programs compatible with
29     the program. The board may, under the powers and duties
30     described by this subdivision, permit the collective, common,
31     or pooled investment of funds held in program accounts with
32     the funds of other states' programs:
33(A) with which the assets of the program are permitted by
34law to be collectively invested;
35(B) to the extent necessary or desirable for the effective
36and efficient design, administration, and implementation
37of the program; and
38(C) consistent with the purposes set forth in this article,
39including the purpose of achieving economies of scale and
40other efficiencies designed to minimize costs for the
41program and employee participants.
42   (b) The investment restrictions described in subsection (a)(5)
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1 must be consistent with the objectives of the program. The board
2 shall exercise the prevailing judgment and care that persons of
3 prudence, discretion, and intelligence exercise in the management
4 of that person's own affairs, with due regard to the probable
5 income and level of risk from certain types of investments of
6 money, in accordance with the policies established by the board.
7    Sec. 10. (a) The board may enter into intergovernmental
8 agreements with the secretary of state, the department of state
9 revenue, the department of labor, and any other agency that the
10 board deems appropriate to provide outreach, technical assistance,
11 or compliance services for the purposes of this article. An agency
12 that enters into an intergovernmental agreement with the board
13 under this section shall collaborate with the board to provide the
14 outreach, technical assistance, or compliance services to the board.
15    (b) The board shall coordinate with the efforts of other states as
16 those states pursue legal guidance for similar retirement savings
17 programs.
18    Sec. 11. The board shall design, establish, and operate the
19 program in a manner that:
20      (1) accords with best practices for retirement savings vehicles;
21      (2) maximizes participation, savings, and sound investment
22      practices;
23      (3) maximizes simplicity, including ease of administration for
24      participating employers and employees;
25      (4) provides an efficient product to employees by pooling
26      investment funds;
27      (5) ensures the portability of benefits; and
28      (6) provides for the decumulation of employee assets in a
29      manner that maximizes financial security in retirement.
30    Chapter 3. Retirement Program
31    Sec. 1. (a) The board shall develop an automatic enrollment
32 payroll deduction IRA known as the Hoosier crossroads retirement
33 program.
34    (b) The program is a defined contribution plan.
35    (c) The board shall adhere to the requirements under this
36 chapter in developing the program.
37    Sec. 2. The board shall design the program to promote greater
38 retirement savings for private sector employees in a convenient,
39 low cost, and portable manner. The program must do the
40 following:
41      (1) Automatically enroll a private sector employee who works
42      for an employer on the date the employee becomes eligible to
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1participate under section 6 of this chapter.
2(2) Automatically enroll employees with a contribution level
3of five percent (5%) of the employee's wages. Employees may:
4(A) elect not to participate in the program; or
5(B) select a different level of contribution.
6(3) Pool investment money in the program to achieve cost
7savings through efficiencies and economies of scale.
8(4) Minimize total annual fees associated with the program.
9(5) Ensure the portability of benefits and consider the type of
10IRA offered as a way of increasing the portability of benefits.
11(6) Ensure that employers in all Indiana industries are
12covered by the program and that employees in all Indiana
13industries can participate in the program.
14(7) Provide for the investment and decumulation of employee
15assets in a manner that maximizes financial security in
16retirement.
17(8) Allow employers that are not covered by the program to
18voluntarily participate in the program.
19(9) Allow individuals who are not considered employees under
20the program but who meet the qualifications to open an IRA
21to voluntarily participate in the program.
22    Sec. 3. (a) The board shall make or enter into contracts with not
23 more than three (3) investment managers, private financial
24 institutions, or other service providers to invest money and
25 administer the program in a manner consistent with the investment
26 policy statement adopted under IC 5-35-5-6.
27    (b) If fewer than three (3) entities:
28(1) bid to be investment managers; or
29(2) meet the qualifications to be an investment manager as
30determined by the board;
31 the program may proceed with fewer than three (3) investment
32 managers.
33    Sec. 4. (a) For the first three (3) years of operation of the
34 program, total annual fees associated with the program may not
35 exceed one percent (1%) of the total value of the program's assets.
36 During this three (3) year period, the board shall conduct a study
37 to decide upon a fee rate that is fair to employers, employees, and
38 the state.
39    (b) In the fourth year of the operation of the program and in
40 each year thereafter, the board shall implement a total annual flat
41 fee rate from the study conducted under subsection (a). If the flat
42 fee rate is no longer efficient to the process of the program, the
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1 board has the authority to readjust the flat fee rate at the
2 beginning of the board's next term.
3     Sec. 5. (a) The board shall establish as an investment option a
4 life cycle fund with a target date based upon the age of the
5 employee. Except as provided in subsection (d), unless the board
6 designates by rule a new investment option, the life cycle fund is
7 the default investment option for employees who do not elect an
8 investment option.
9     (b) The board may establish one (1) or more of the following
10 additional investment options:
11(1) A conservative fund.
12(2) A growth fund.
13(3) A secure return fund.
14(4) An annuity fund.
15 The board shall determine whether to establish any of the
16 additional investment options based upon an analysis of the cost,
17 risk profile, benefit level, feasibility, and ease of implementation of
18 the additional investment options.
19     (c) The primary objectives of a secure return fund established
20 under subsection (b) must be the preservation of the safety of
21 principal and the provision of a stable and low risk rate of return.
22 If the board elects to establish a secure return fund, the board may
23 procure any insurance, annuity, or other product to insure the
24 value of individual accounts. The cost of the insurance, annuity, or
25 other product must be paid out of the fund (as defined in
26 IC 5-35-4-1). Notwithstanding IC 5-35-2-7(a), if the board:
27(1) elects to establish a secure return fund; and
28(2) procures insurance, an annuity, or another product to
29insure the value of individual accounts under this subsection;
30 the board, the program, the fund (as defined in IC 5-35-4-1), the
31 state, or a participating employer may not assume liability for
32 investment or actuarial risk under the policy or contract associated
33 with the insurance, annuity, or other product.
34     (d) If the board elects to establish a secure return fund under
35 subsection (b), the board shall determine whether the secure return
36 fund or life cycle fund will be the default investment option for
37 employees who do not elect an investment option. In making this
38 determination, the board shall consider the cost, risk profile,
39 benefit level, and ease of enrollment in the secure return fund. The
40 board may at any time thereafter revisit this determination and,
41 based upon an analysis of the criteria described in this subsection,
42 establish either the secure return fund or the life cycle fund as the
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1 default investment option for employees who do not elect an
2 investment option.
3     Sec. 6. After December 31, 2027, an employee who:
4(1) resides in Indiana; and
5(2) is employed by an employer;
6 is eligible to participate in the program.
7     Sec. 7. An employer shall comply with all program requirements
8 under this article.
9     Sec. 8. An employee who participates in the program is fully
10 vested at all times in the employee's account under the program.
11     Sec. 9. (a) The state has no duty and is not liable to any party for
12 the payment of a retirement savings benefit accrued by an
13 individual under the program. Any financial liability for the
14 payment of retirement savings benefits in excess of money
15 available under the program is borne solely by the entities with
16 which the board contracts to provide insurance to protect the value
17 of the program.
18     (b) A state board, commission, agency, or an officer or employee
19 of a state board, commission, or agency is not liable for a loss or
20 deficiency resulting from particular investments selected under
21 this article.
22     (c) A participating employer is not liable for:
23(1) an employee's decision to participate in or opt out of the
24program; or
25(2) the investment decisions of the board or of any employee
26participants.
27     (d) A participating employer is not a fiduciary, or considered to
28 be a fiduciary, over the program. A participating employer does
29 not bear responsibility for the administration, investment, or
30 investment performance of the program.
31     (e) A participating employer is not liable for an error or
32 omission:
33(1) on a disclosure form for the program;
34(2) on the program website; or
35(3) in information provided by the state concerning the
36program.
37     (f) A participating employer is not liable with regard to:
38(1) investment returns under the program;
39(2) program design; or
40(3) benefits paid to employee participants in the program.
41     Sec. 10. Money deposited by employee participants in the
42 program is not property of the state. The program is not a
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1 department, institution, or agency of the state. An amount on
2 deposit in the program may not be commingled with state money.
3 The state has no claim to, claim against, or interest in money on
4 deposit in the program.
5     Sec. 11. (a) Before opening the program for enrollment, the
6 board shall design and disseminate to all employers an employer
7 information packet and an employee information packet, both of
8 which must include:
9(1) background information on the program;
10(2) appropriate disclosures for employees; and
11(3) if necessary, information regarding the vendor website.
12     (b) The board shall establish and maintain a website designed
13 to make available to employers, employees, and members of the
14 general public the employee information packet, the employer
15 information packet, and any other reports, documents, or
16 information deemed appropriate by the board.
17     (c) The employee information packet designed by the board
18 must include a disclosure form. The disclosure form must explain
19 at least the following:
20(1) The benefits and risks associated with making
21contributions to the program.
22(2) Instructions for making contributions to the program.
23(3) Instructions for opting out of the program.
24(4) Instructions for participating in the program with a level
25of employee contributions other than the default rate.
26(5) The process for withdrawing retirement savings in
27accordance with the employee's investment type.
28(6) How to obtain additional information about the program.
29(7) That:
30(A) an employee seeking financial advice should work with
31the program administrator or contact a financial adviser;
32(B) a participating employer is not in a position to provide
33financial advice; and
34(C) a participating employer is not liable for a decision an
35employee makes in connection with the employee's
36participation in the program.
37(8) That the program is not an employer sponsored retirement
38plan.
39(9) That the program accounts and rate of return are not
40guaranteed by the state.
41(10) The possible tax implications of and restrictions on
42individual retirement accounts.
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1   Sec. 12. The board shall adopt rules that do the following:
2     (1) Allow employers that are exempt under this article to
3     voluntarily participate in the program.
4     (2) Extend eligibility to participate in the program to
5     individuals who are not employees, including unemployed
6     individuals, self-employed individuals, and other independent
7     contractors.
8     (3) Establish the process for enrollment in the program,
9     including procedures for the automatic enrollment of
10     employees and for employees to opt out of the program.
11     (4) Establish the process for withdrawal from program
12     accounts.
13     (5) Establish the process for participants to:
14(A) make the default contribution of five percent (5%) to
15program accounts; and
16(B) adjust contribution levels, including a mechanism for
17automatic adjustments of contribution levels.
18     (6) Establish the process for employers to:
19(A) withhold employee contributions to program accounts
20from employee wages; and
21(B) send the contributions withheld under clause (A) to the
22program administrator not later than fourteen (14) days
23after the contributions are withheld from the employee's
24wages.
25     (7) Establish the process for participants to make nonpayroll
26     contributions to program accounts.
27     (8) Set minimum and maximum contribution levels in
28     accordance with limits established by the Internal Revenue
29     Code.
30     (9) Establish the process and requirements for exempting an
31     employer from offering the program if the employer offers a
32     qualified retirement plan, including a plan qualified under
33     Section 401(a), 401(k), 403(a), 403(b), 408(k), 408(p), or 457(b)
34     of the Internal Revenue Code. The process for exemption
35     must:
36(A) be minimal for an employer; and
37(B) allow an employer to become exempt if the employer
38enters into legally compliant multiple employer plans.
39     (10) Establish, in partnership with the department of labor,
40     the process for enforcing employer compliance with the
41     program.
42     (11) Establish fines for employer noncompliance for each
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1      employee per year who is eligible to participate in the
2      program, not to exceed an aggregate amount of five thousand
3      dollars ($5,000) in a calendar year. The rules required by this
4      subdivision must include the following:
5(A) If the board determines that an employer is not in
6compliance with this article or rules adopted under this
7article, the board shall issue a notice to the employer:
8(i) outlining the nature and extent of the alleged
9noncompliance;
10(ii) providing instructions for compliance; and
11(iii) specifying the potential administrative penalties for
12noncompliance.
13(B) The enforcement of fines may not commence until the
14later of:
15(i) one (1) year after the program is established; or
16(ii) one (1) year after an employer is scheduled to enter
17the program.
18(C) An employer may be fined not earlier than three (3)
19months after the employer has received a notice of
20noncompliance under clause (A).
21      (12) Mandate the content and frequency of required
22      disclosures to employees, employers, and other program
23      participants. These disclosures must include the information
24      described in section 11(c) of this chapter.
25      (13) Establish the process and requirements for providing
26      grants to incentivize compliance with the program and defray
27      costs incurred by small businesses that participate in the
28      program.
29    Chapter 4. Hoosier Crossroads Retirement Fund
30    Sec. 1. For purposes of this chapter, "fund" means the Hoosier
31 crossroads retirement fund.
32    Sec. 2. (a) The Hoosier crossroads retirement fund is
33 established.
34    (b) The fund consists of the following:
35      (1) Money appropriated to the fund by the general assembly.
36      (2) Money transferred to the fund from the federal
37      government, other state agencies, or local governments.
38      (3) Money from the payment of:
39(A) fees or penalties imposed under this article; or
40(B) other money due to the board.
41      (4) Gifts, grants, or donations made to the board.
42      (5) Gifts, grants, donations, or investments concerning the
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1program received by the treasurer of state.
2     (c) The treasurer of state shall invest the money in the fund not
3 currently needed to meet the obligations of the fund in the same
4 manner as other public money may be invested. Interest that
5 accrues from these investments must be deposited in the fund.
6     (d) Unexpended and unencumbered money remaining in the
7 fund at the end of a state fiscal year does not revert to the state
8 general fund.
9     (e) Money in the fund is continuously appropriated to the board
10 for the purposes of implementing and administering this article.
11     Chapter 5. Miscellaneous Provisions
12     Sec. 1. The treasurer of state may, for the costs associated with
13 the administration of this article, seek, accept, and expend from
14 private or public sources:
15(1) gifts;
16(2) grants;
17(3) donations; or
18(4) investments;
19 that are not required to be repaid.
20     Sec. 2. (a) Except as provided in subsections (b) and (c),
21 individual account information for accounts under the program,
22 including:
23(1) names;
24(2) addresses;
25(3) telephone numbers;
26(4) personal identification information;
27(5) amounts contributed; and
28(6) earnings on amounts contributed;
29 is confidential and must be maintained as confidential.
30     (b) Individual account information may be disclosed to the
31 extent necessary to administer the program in a manner consistent
32 with this article, IC 6, and the Internal Revenue Code.
33     (c) Subsection (a) does not apply if the individual who provides
34 the information or is the subject of the information expressly
35 agrees in writing that the information may be disclosed.
36     Sec. 3. (a) Not later than July 1 of each year, the board shall
37 submit to the:
38(1) governor;
39(2) state comptroller; and
40(3) members of the:
41(A) house committee on ways and means; and
42(B) senate committee on appropriations;
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1 a report detailing the board's activities and the status of the
2 program. The report to the members of the general assembly must
3 be in an electronic format under IC 5-14-6.
4    (b) The report must include at least the following:
5      (1) Statistics regarding enrollment in the program.
6      (2) The number of program accounts opened.
7      (3) The average amount employees are saving through the
8      program.
9      (4) Average contribution levels.
10      (5) A summary of common complaints or concerns about the
11      program.
12      (6) Information regarding the administrative costs and fees
13      associated with the program.
14    (c) The report must be made available on the program website
15 not later than January 1 following the date the report is submitted.
16    Sec. 4. (a) The board shall cause an accurate account of all
17 activities, operations, receipts, and expenditures to be maintained
18 in relation to the program and the board.
19    (b) Each year after the first full fiscal year following program
20 implementation, a full audit of the books and accounts of the board
21 pertaining to the activities, operations, receipts, expenditures,
22 personnel, services, and facilities of the program and the board
23 shall be conducted by a certified public accountant.
24    (c) The audit must include the review of direct and indirect costs
25 attributable to the use of outside consultants, independent
26 contractors, and any other persons who are not state employees for
27 the administration of the program.
28    (d) For purposes of the audit, the board shall allow the auditors
29 access to the properties and records of the program and board.
30 The auditors may prescribe methods of accounting and the
31 rendering of periodic reports in relation to projects undertaken by
32 the program.
33    Sec. 5. (a) Not later than twenty (20) days before the convening
34 of each regular session of the general assembly, the board shall do
35 the following:
36      (1) Prepare an annual report.
37      (2) Submit the annual report to:
38(A) the governor; and
39(B) the general assembly (in an electronic format under
40IC 5-14-6).
41      (3) Make the annual report available to the public.
42    (b) The annual report required in subsection (a) must include
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1 the following:
2      (1) An audited financial report prepared in accordance with
3      generally accepted accounting principles, detailing the
4      activities, operations, receipts, and expenditures of the
5      program and board during the preceding year.
6      (2) The progress and accomplishments made by the board
7      during the preceding year.
8      (3) Projected activities of the program for the upcoming year.
9    Sec. 6. (a) The board shall annually prepare and adopt a written
10 statement of investment policy that includes a risk management
11 and oversight program.
12    (b) The investment policy must prohibit the board, program,
13 and fund (as defined in IC 5-35-4-1) from borrowing for
14 investment purposes.
15    (c) The risk management and oversight program must be
16 designed to ensure that an effective risk management system is in
17 place to:
18      (1) monitor the risk levels of the program to ensure that the
19      risks taken are prudent and properly managed;
20      (2) provide an integrated process for overall risk
21      management; and
22      (3) assess investment returns and risk to determine if the risks
23      taken are adequately compensated compared to applicable
24      performance benchmarks and standards.
25    (d) The board shall hold a public hearing to consider the
26 statement of investment policy and any changes to the investment
27 policy.
28    SECTION 2. IC 34-30-2.1-51.5 IS ADDED TO THE INDIANA
29 CODE AS A NEW SECTION TO READ AS FOLLOWS
30 [EFFECTIVE JULY 1, 2026]: Sec. 51.5. IC 5-35-3-9 (Concerning the
31 Hoosier crossroads retirement program).
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