MI HB5181

Amends the Public Employee Retirement System Investment Act to establish investment fiduciary duties requiring prudent management of pension system assets in the sole interest of participants and beneficiaries.

Requires investment fiduciaries to comply with the Divestment from Terror Act (2008 PA 234) and prohibits investment in debt instruments from foreign countries identified by the U.S. State Department as sponsoring terrorism.

Prohibits investment fiduciaries from self-dealing, acting in transactions where their interests conflict with the system, or receiving personal compensation from parties dealing with the system.

Requires pension systems created by political subdivisions to retain expense records for at least 7 years and be subject to audit by the political subdivision and other qualified public bodies.

Mandates annual publication of a list of all expenses paid by soft dollars to plan participants and beneficiaries.