MI SB0659

Establishes the Fostering Futures Scholarship Trust Fund as a charitable and educational endowment fund administered by the Department of Treasury

Authorizes the state treasurer to invest trust fund assets with the same authority granted to investment fiduciaries under the Public Employee Retirement System Investment Act, 1965 PA 314

Requires compliance with the Divestment from Terror Act, 2008 PA 234, when making trust fund investments

Permits annual disbursements equal to all contributed money plus 5% of the 12-quarter rolling average of the fund, but only after the fund balance reaches $500,000 and not if disbursements would reduce it below that threshold

Limits trust fund administrative costs to 15% of the amount in the fund exceeding $500,000, with all expenses funded solely by the trust fund