MI HB5961

Requires large sponsored pension systems to establish an investment committee subject to a plan for adjustment.

Investment committee recommends to the governing board on investment management decisions including investment goals, asset allocation, selection of investment managers, and actuarial assumptions.

Investment committee selects and evaluates the system's chief investment officer and approves the summary annual report before public release.

Board must approve or disapprove committee recommendations within 45 days (or 10 business days for emergencies); recommendations are deemed approved if the board does not act within the timeframe.

If the board disapproves a recommendation within the timeframe, the decision shall be implemented under the plan for adjustment.