MS SB2438

Amends Section 25-11-121 of Mississippi Code to require persons or entities exercising discretionary authority over certain Public Employees Retirement System (PERS) investments to act as fiduciaries.

Applies fiduciary duty requirement to investments in separate managed accounts, limited partnerships, or commingled funds that are not specifically authorized by existing investment statutes.

Fiduciary duty extends to any person or entity exercising authority or control over management or disposition of assets in these investment vehicles.

Maintains existing 10 percent limitation on total book value of investments in these alternative investment types.

Becomes effective July 1, 2011.