Introduced
by
To establish a Detroit pension investment committee to oversee management of the city’s defined benefit pension system. The system would still be run by the existing pension board, but a process would be instituted by which the chief financial officer for the city proposed by House Bill 5567 would have final authority in the event the committee and the pension board disagreed on investment management decisions. The bill would also impose additional restrictions and disclosure requirements on reimbursed travel by pension fund board members, officials or employees. This is part of a legislative package consisting of House Bills 5566 to 5575 that are related to the Detroit bankruptcy and a proposed state grant to the city of $195 million.
Referred to the Committee on Detroit's Recovery and Michigan's Future
Reported without amendment
With the recommendation that the substitute (H-3) be adopted and that the bill then pass.
Substitute offered
The substitute passed by voice vote
Amendment offered
by
To revise the nomenclature for the post-bankruptcy pension system.
The amendment passed by voice vote
Amendment offered
by
To prohibit the Detroit pension system from making further investments in a controversial hazardous waste disposal well in Romulus, and if the pension system ends up owning the financially troubled well, close it rather than sell it.
The amendment failed by voice vote
Amendment offered
To require Detroit pension fund "investment fiduciaries" to submit reports to the financial oversight panes created by House Bill 5566.
The amendment passed by voice vote
Passed in the House 105 to 5 (details)
Referred to the Committee on Government Operations
Reported without amendment
With the recommendation that the bill pass.
Passed in the Senate 37 to 1 (details)
To establish a Detroit pension investment committee to oversee management of the city’s defined benefit pension system. The system would still be run by the existing pension board, but a process would be instituted by which the chief financial officer for the city proposed by House Bill 5567 would have final authority in the event the committee and the pension board disagreed on investment management decisions. The bill would also impose additional restrictions and disclosure requirements on reimbursed travel by pension fund board members, officials or employees. This is part of a legislative package consisting of House Bills 5566 to 5575 that are related to the Detroit bankruptcy and a proposed state grant to the city of $195 million.
