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MS HB861
Bill
Status
3/11/2011
Primary Sponsor
Johnny Stringer
Click for details
AI Summary
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Amends Section 25-11-121 of the Mississippi Code to establish fiduciary requirements for investment managers overseeing certain Public Employees' Retirement System (PERS) investments.
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Requires any person or entity exercising discretionary authority or control over separate managed accounts, limited partnerships, or commingled funds to act as a fiduciary in managing or disposing of those assets.
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Applies to non-traditionally authorized investments that comprise no more than 10% of the total book value of PERS investments and are managed by Securities and Exchange Commission registered investment advisory firms or approved by the board of trustees.
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Takes effect July 1, 2011.
Legislative Description
Retirement; provide that persons who exercise control over certain PERS investments shall act as fiduciaries.
Last Action
Approved by Governor
3/11/2011