The Indiana Public Employees' Retirement Fund was scheduled to move $300 million into a Standard & Poor's 500 Index fund this month, said Garth Dickey, executive director.
A November referendum gave officials of the $7.2 billion fund approval to invest in equities. Fund officials had planned on moving assets into the equity market sooner but wanted some changes to state law before taking the plunge.
The asset shift was scheduled after the Legislature made the changes, and they were approved by the governor.
Mr. Dickey said that once the initial $300 million is invested - with ANB Investment Management, Chicago - another $100 million will be moved into the fund each month. At some point, active management will be considered, although a time frame hasn't been established, he said.