Requires the board of trustees of the Indiana public retirement system (board) to make investment decisions with the primary purpose of maximizing the target rate of return on the board's investments. Prohibits the board from making an investment decision with the purpose of influencing any social or environmental policy or attempting to influence the governance of any corporation for nonpecuniary purposes. Specifies an exception. Requires the board to adopt a policy that ensures proxy voting and engagement is based primarily on maximizing the target rate of return on the board's investments. Provides certain guidelines and reporting requirements for proxy voting in relation to the administration of the public pension and retirement funds of the system.