Senate Bill No. by Senator Miguez aims to establish the "Public Pension Fiduciary Duty Act," which mandates that fiduciaries of public retirement systems make investment decisions based solely on financial factors. The bill specifies that fiduciaries must prioritize the financial interests of participants and beneficiaries, focusing exclusively on providing financial benefits and managing reasonable administrative expenses. It explicitly prohibits fiduciaries from considering any actions or factors that aim to advance social, political, or governance agendas in their investment decisions.

Additionally, the bill outlines that investment managers retained by the governing board must adhere to the same fiduciary duties as the board itself. It grants enforcement authority to the attorney general, allowing them to investigate potential violations and requiring fiduciaries who breach their duties to pay damages equivalent to three times the amount received for their services. The provisions of this bill are set to take effect on August 1, 2024.