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MI SB0892
Bill
AI Summary
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Amends the Public Employee Retirement System Investment Act (1965 PA 314) to allow investment in qualified intrastate securities when the state treasurer is the investment fiduciary.
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Permits up to 30% of a system's assets to be invested in qualified intrastate securities issued by Michigan businesses sold under intrastate offering exemptions.
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Requires that at least 50% of intrastate security investments made in any calendar year must be purchased through a Michigan investment market.
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Defines "qualified intrastate securities" as securities issued by businesses doing business in Michigan and sold under intrastate offering exemptions; excludes such securities from the definition of "private equity."
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Takes effect 90 days after enactment.
Legislative Description
Retirement; investments; investment of assets of public employee retirement systems; allow for the purchase of certain intrastate securities. Amends sec. 12d of 1965 PA 314 (MCL 38.1132d) & adds sec. 19c.
Retirement: investments
Last Action
Referred To Committee On Banking And Financial Institutions
4/14/2016