MI SB1040

Amends the Public Employee Retirement System Investment Act to modify the definition of "large sponsored system" by removing population and bankruptcy discharge thresholds.

Changes the definition of "large sponsored system" to apply only to systems created and established by a city that is subject to a plan for adjustment, eliminating previous conditions based on city population exceeding 600,000 or pension liability discharge of at least $1 billion in bankruptcy.

Updates terminology in the investment definition from "shall be" to "are" to reflect modern statutory language conventions.

Adds a period to clarify the definition of "large sponsored system" as the new primary criterion.