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MI HB5842
Bill
Status
4/19/2018
Primary Sponsor
Sylvia Santana
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AI Summary
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Amends the Public Employee Retirement System Investment Act (1965 PA 314) to modify the definition of "large sponsored system" by removing criteria based on city population size and pension liability discharge amounts.
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Redefines "large sponsored system" to mean only a system created and established by a city that is subject to a plan for adjustment, eliminating the previous conditions requiring either a population exceeding 600,000 or discharge of at least $1 billion in pension liabilities through bankruptcy.
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Changes the language regarding investments that no longer qualify after initial purchase from "shall be" to "are" considered to continue meeting the act's requirements.
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Maintains existing definitions for "investment fiduciary," "invest/investment," and "investment grade" without substantive changes.
Legislative Description
Retirement; pension oversight; criteria for a retirement system to be subject to certain restrictions; modify. Amends sec. 12c of 1965 PA 314 (MCL 38.1132c).
Retirement: pension oversight
Last Action
Bill Electronically Reproduced 04/19/2018
4/24/2018