Retirement: defined benefit; duties of investment fiduciary; modify. Amends sec. 13 of 1965 PA 314 (MCL 38.1133).

Also relevant to:Senior (65+, Medicare/SS)

Where it is in the process

Plain-English Summary

This bill amends the Public Employee Retirement System Investment Act to clarify how public employee retirement funds can be invested. It requires investment fiduciaries to consider only financial factors when evaluating investments and to act solely in the financial interest of participants and beneficiaries. The bill also updates reporting requirements for retirement systems, including details about their financial performance, expenditures, and travel costs.

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