MI HB5184

Amends Section 13 of the Public Employee Retirement System Investment Act to clarify investment fiduciary duties and responsibilities for pension system assets.

Requires investment fiduciaries to discharge duties solely in the interest of participants and beneficiaries, acting with prudence, care, skill, and diligence comparable to similar professionals managing similar enterprises.

Mandates investment fiduciaries consider diversification, liquidity, projected returns, and investments that enhance Michigan's general welfare if they offer comparable safety and returns to other permitted investments.

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

Establishes record retention requirements of 5 years for all system expenses and mandates annual publication of expenses paid by soft dollars to plan participants and beneficiaries.