MI HB4859

Changes language in the Public Employee Retirement System Investment Act from "pursuant to" to "under" for consistency in referencing qualified investments in sections 15, 16, and 20c.

Adds new subsection (5) requiring that if the state treasurer is the investment fiduciary, limited partnership agreements must include a forfeiture provision stating that carried interest is forfeited to the system if the general partner is removed for fraud, gross negligence, willful misconduct, or material breach of the partnership agreement.

Allows an exception to the forfeiture requirement if the investment fiduciary determines that the risk of general partner removal for specified reasons is sufficiently mitigated, though this determination excludes the state treasurer's investment personnel.

Updates statutory language by replacing "shall" with "must," "has the right to" with "may," and "which" with "that" throughout the section for clearer drafting.

Clarifies that real estate investment trusts satisfying section 14(2) requirements may be designated as either investments under this section or as stock investments under section 14.

Takes effect 90 days after enactment.