MI HB5993

Amends the Public Employee Retirement System Investment Act to supersede any previous investment authority granted to retirement systems under state law.

Requires investment fiduciaries to discharge duties solely in the interest of participants and beneficiaries, using prudent judgment comparable to similar professional managers.

Mandates investment fiduciaries comply with the Divestment from Terror Act for four specified state retirement systems: state employees, judges, state police, and public school employees.

Prohibits investment fiduciaries from dealing with system assets in their own interest, acting on behalf of adverse parties, or receiving personal consideration from parties dealing with the system.

Requires pension systems in political subdivisions with 500,000+ population to publish all board expenditures, including travel costs and system budgets, on a quarterly basis on a public website.