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MI SB0702
Bill
Status
7/15/2009
Primary Sponsor
Randy Richardville
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AI Summary
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Amends the Public Employee Retirement System Investment Act to update references to securities laws, specifically adding the Uniform Securities Act (2002), 2008 PA 551, MCL 451.2101 to 451.2703.
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Requires investment fiduciaries managing defined contribution plans to meet specific qualifications, including being registered investment advisers, banks, or insurance companies (with exceptions for state employees and political subdivision employees).
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Establishes that investment fiduciaries must comply with the Divestment from Terror Act, 2008 PA 234, when making investments for four specified state retirement systems: State Employees' Retirement Plan Tier 1, Judges' Retirement Plan 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 United States State Department as engaging in or sponsoring terrorism.
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Requires systems to annually publish and make available to participants and beneficiaries a list of all expenses paid by soft dollars.
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
Referred To Committee On Banking And Financial Institutions
7/15/2009