ASRS; investments; fiduciaries; duties; limitations

SB 1592 amends Arizona's State Retirement System (ASRS) investment rules to set strict limits on asset allocation and mandate fiduciary duties. It prohibits more than 80% of ASRS assets in equities (H), 40% in non-U.S. investments (I), 60% internally (J), and 5% in any single institution (K). The bill also requires ASRS investment managers to consider *only* financial returns when making decisions or voting shares, banning consideration of environmental, social, or political factors (Section 38-718.01). These changes directly affect ASRS, its investment managers, and the retirement funds of Arizona public employees.