MI HB6481

Amends Michigan's Public Employee Retirement System Investment Act to update investment fiduciary duties, including requirements for prudent investment management, diversification, and monitoring of system assets.

Requires investment fiduciaries to publish detailed annual summary reports including system assets, funded ratios, investment performance, administrative expenses, and actuarial information for public transparency.

Establishes divestment requirements for scrutinized companies with business operations in Sudan and Iran, including mandatory sale of securities within specified timelines if companies fail to cease or reduce prohibited activities.

Expands reporting requirements for large sponsored systems to include out-of-state travel expenses and itemized budgets for board member professional training and education, capped at $150,000 annually or $12,000 per board member.

Updates employer contribution requirements to reflect actuarially determined contribution amounts with amortization periods not exceeding 30 years for fiscal years beginning after December 31, 2005.