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MI HB4695
Bill
Status
9/2/2009
Primary Sponsor
Ed Clemente
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AI Summary
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Amends the Public Employee Retirement System Investment Act to update references to the Uniform Securities Act, incorporating provisions from the 2008 PA 551 (Uniform Securities Act 2002)
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Requires investment fiduciaries to comply with the Divestment from Terror Act (2008 PA 234) when managing investments for four specified state retirement systems: State Employees' Retirement Act Tier 1, Judges Retirement Act Tier 1, State Police Retirement System, and Public School Employees Retirement System
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Prohibits investment fiduciaries from investing in debt instruments issued by foreign countries identified by the U.S. State Department as engaging in or sponsoring terrorism
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Requires systems to annually publish and make available to plan participants and beneficiaries a list of all expenses paid by soft dollars
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Effective date: August 31, 2009
Legislative Description
Trade; securities; adoption of new uniform securities act (2002); update uniform securities act references in public employee retirement system investment act. Amends sec. 13 of 1965 PA 314 (MCL 38.1133).
Retirement, state employees
Last Action
Assigned Pa 84'09 With Immediate Effect
9/2/2009