A bill to amend 1965 PA 314, entitled “Public employee retirement system investment act,” by amending section 13 (MCL 38.1133), as amended by 2018 PA 676.
This bill allows assets to be managed by an investment fiduciary under certain conditions, enabling defined contribution plan participants to direct their investments without being deemed investment fiduciaries or subject to asset percentage limitations. It mandates fiduciaries to prioritize the financial interests of participants, emphasizing prudence, diligence, and the consideration of pecuniary factors in investment decisions.
Co-sponsored by Reps.
Referred to the Committee on Government Operations
