1. (a) The board shall adopt an investment policy that includes all the following:

   1. (1) For not more than fifty percent (50%) of the money in the trust, the policy may provide that money in the trust may be invested in investments that:

      1. (A) maximize risk appropriate returns, which may include the purchase of equity or debt securities;
      2. (B) make significant investments in Indiana funds and companies; and
      3. (C) have such other investment parameters and procedures as the board determines are prudent to ensure that investments are consistent with this chapter.
   2. (2) For at least fifty percent (50%) of the money in the trust, the policy must provide that such money in the trust shall be invested in the same manner as money invested by the Indiana public retirement system as required by subsection (d). The investment policy adopted by the board may not allow the treasurer of state to invest the money in the trust in equity securities under this subdivision.
   3. (3) Not more than twenty-five million dollars ($25,000,000) may be invested in any one (1) particular investment fund or investment firm.
   4. (4) Such other investment parameters and procedures as the board determines are prudent to ensure that investments are consistent with this chapter.
2. (b) The investment policy adopted by the board must give adequate time to change current investments in a prudent manner.
3. (c) The board may contract with investment management professionals, investment advisers, and legal counsel to assist in the investment of the fund and may pay the expenses incurred under those contracts from the fund.

4. (d) The board has the powers, duties, restrictions, limitations, and penalties in connection with the board's and the treasurer of state's investment and management of the assets of trust as if the following provisions pertaining to the public pension and retirement funds made reference to the trust and the board:

   1. (1) IC 5-10.2-2-2.5 .
   2. (2) IC 5-10.2-2-13 .
   3. (3) IC 5-10.3-5-3 .
   4. (4) IC 5-10.3-5-4 .
   5. (5) IC 5-10.3-5-5 .
   6. (6) IC 5-10.3-5-6 .
   7. (7) IC 5-10.4-3-10 .
   8. (8) IC 5-10.4-3-12 .
   9. (9) IC 5-10.4-3-13 .
   10. (10) IC 5-10.4-3-14 .
   11. (11) IC 5-10.4-3-15 .
   12. (12) IC 5-10.4-3-16 .
5. (e) Compliance with the established investment policy is definitive evidence of compliance with the applicable investment standards in subsection (d).

As added by P.L.217-2017, SEC.69.