Section 38.1121-38.1131 – Repealed. 1982, Act 55, Imd. Eff. Apr. 6, 1982.
38.1121-38.1131 Repealed. 1982, Act 55, Imd. Eff. Apr. 6, 1982. Compiler’s Notes: Prior to the repeal of MCL 38.1121 to 38.1131, MCL 38.1125a had expired by its own terms.
Section 38.1132 – Short Title; Meanings of Words and Phrases.
38.1132 Short title; meanings of words and phrases. Sec. 12. (1) This act shall be known and may be cited as the “public employee retirement system investment act”. (2) For the purposes of this act, the words and phrases defined in sections 12a to 12f have the meanings ascribed to them in those sections. History: […]
Section 38.1132a – Definitions; A.
38.1132a Definitions; A. Sec. 12a. “Assets”, for the purpose of meeting asset limitations contained in this act, means the total of the cash and investments of a system valued at market. History: Add. 1996, Act 485, Imd. Eff. Dec. 27, 1996
Section 38.1132b – Definitions; D to G.
38.1132b Definitions; D to G. Sec. 12b. (1) “Defined contribution plan” means a defined contribution plan as defined in section 414(i) in the internal revenue code, 26 USC 414. (2) “Derivative” means either of the following: (a) A contract or convertible security that changes in value in concert with a related or underlying security, future, […]
Section 38.1132c – Definitions; I to L.
38.1132c Definitions; I to L. Sec. 12c. (1) “Investment fiduciary” means a person other than a participant directing the investment of the assets of his or her individual account in a defined contribution plan who does any of the following: (a) Exercises any discretionary authority or control in the investment of a system’s assets. Investment […]
Section 38.1132d – Definitions; N to P.
38.1132d Definitions; N to P. Sec. 12d. (1) “National rating services” means Moody’s investors service, inc.; Standard & Poor’s ratings group; Fitch investors service inc.; Duff & Phelps credit rating corp.; or any other nationally recognized statistical rating organization as determined by the state treasurer. (2) “Net earnings available for fixed charges” means net income […]
Section 38.1132e – Definitions; S.
38.1132e Definitions; S. Sec. 12e. (1) “Small business” means a corporation, partnership, sole proprietorship, or other entity which does not meet the specific requirements of investments permitted under this act. (2) “Small business investment company” means an incorporated body or a limited partnership under section 301 of title III of the small business investment act […]
Section 38.1132f – Definitions; V.
38.1132f Definitions; V. Sec. 12f. “Venture capital firm” means a corporation, partnership, proprietorship, or other entity, the principal business of which is or will be the making of investments in small business, either directly or indirectly by investing in entities the principal business of which is or will be the making of investments in small […]
Section 38.1133 – Investment Authority; Investment Fiduciary; Investing, Reinvesting, Holding in Nominee Form, and Managing Assets of System; Powers and Duties; Compliance With Divestment From Terror Act; Costs; “Consumer Price Index” Defined; Disclosure of Fees or Other Compensation by Investment Service Provider; “Investment Service Provider” Defined; Prohibited Acts; Exceptions; Requirements; Debt Instrument Issued by Foreign Country; Out-of-State Travel; Investment in Hazardous Waste Deep Disposal Well Facility; Testimony by Representative of Office of Retirement Services in Department of Technology, Management, and Budget; Executive Summary of Summary Annual Report; Posting on Website; Submission to Legislature; “State Unit” Defined.
38.1133 Investment authority; investment fiduciary; investing, reinvesting, holding in nominee form, and managing assets of system; powers and duties; compliance with divestment from terror act; costs; “consumer price index” defined; disclosure of fees or other compensation by investment service provider; “investment service provider” defined; prohibited acts; exceptions; requirements; debt instrument issued by foreign country; out-of-state […]
Section 38.1133a – “Macbride Principles” Defined; Duties of Investment Fiduciary; Effect of Unlawful Principle.
38.1133a “MacBride principles” defined; duties of investment fiduciary; effect of unlawful principle. Sec. 13a. (1) As used in this section, “MacBride principles” means those requirements for companies doing business in Northern Ireland designed to do all of the following: (a) Increase the representation of individuals from underrepresented religious groups in the work force including managerial, […]
Section 38.1133b – Repealed. 1993, Act 214, Imd. Eff. Oct. 27, 1993.
38.1133b Repealed. 1993, Act 214, Imd. Eff. Oct. 27, 1993. Compiler’s Notes: The repealed section pertained to encouragement or condonation of legally required discrimination; extension of deadlines for divestment of assets; developing and maintaining register of certain companies; and providing register to boards of retirement systems.
Section 38.1133c – Definitions; Effort by Fiduciary to Identify Scrutinized Companies; Assembly Into Scrutinized Companies List; Update and Availability of List; Procedures; Report; Effectiveness of Section; Exemption of Fiduciary From Conflicting Statutory or Common Law Obligations; Liability; Affirmative Exclusion From Federal Sanctions; Severability.
38.1133c Definitions; effort by fiduciary to identify scrutinized companies; assembly into scrutinized companies list; update and availability of list; procedures; report; effectiveness of section; exemption of fiduciary from conflicting statutory or common law obligations; liability; affirmative exclusion from federal sanctions; severability. Sec. 13c. (1) As used in this section: (a) “Active business operations” means all […]
Section 38.1133d – Definitions; Scrutinized Companies; Identification by Fiduciaries; Assembling Scrutinized Companies List; Update by Fiduciary; Procedure; Report; Effectiveness of Section; Conditions; Liability of Fiduciary; Scrutinized Company Affirmatively Excluded From Federal Sanctions; Effect; Severability.
38.1133d Definitions; scrutinized companies; identification by fiduciaries; assembling scrutinized companies list; update by fiduciary; procedure; report; effectiveness of section; conditions; liability of fiduciary; scrutinized company affirmatively excluded from federal sanctions; effect; severability. Sec. 13d. (1) As used in this section: (a) “Active business operations” means all business operations that are not inactive business operations. (b) […]
Section 38.1133e – Prohibited Conduct by Investment Fiduciary, Service Provider, or Covered Associate of Service Provider; Exceptions; Definitions; Official of Governmental Entity.
38.1133e Prohibited conduct by investment fiduciary, service provider, or covered associate of service provider; exceptions; definitions; official of governmental entity. Sec. 13e. (1) An investment fiduciary shall not make a payment from the assets of a system to a service provider if the service provider or a covered associate of the service provider has made […]
Section 38.1133f – Breach of Public Trust by Investment Fiduciary or Service Provider; “Service Provider” Defined.
38.1133f Breach of public trust by investment fiduciary or service provider; “service provider” defined. Sec. 13f. (1) An investment fiduciary or a service provider who is convicted of or who enters a nolo contendere plea accepted by a court for a felony or misdemeanor arising out of his or her service to a system is […]
Section 38.1133g – Investment Committee; Establishment by Large Sponsored System; Duties; Recommendation; Definitions.
38.1133g Investment committee; establishment by large sponsored system; duties; recommendation; definitions. Sec. 13g. (1) Subject to a plan for adjustment, each large sponsored system shall establish an investment committee. (2) The investment committee shall recommend to the governing board of the large sponsored system investment management decisions, including, but not limited to, all of the […]
Section 38.1134 – Investment in Stock or Global Security.
38.1134 Investment in stock or global security. Sec. 14. (1) An investment fiduciary shall not invest more than 70% of a system’s assets in stock or the type of global security described in section 12b(4)(b). An investment fiduciary shall not invest in more than 5% of the outstanding stock of any 1 corporation, or invest […]
Section 38.1135 – Investment in Investment Companies.
38.1135 Investment in investment companies. Sec. 15. An investment fiduciary may invest in investment companies registered under the investment company act of 1940, 15 USC 80a-1 to 80a-64. The management company of the investment company shall have been in operation for at least 5 years and shall have assets under management of more than $500,000,000.00. […]
Section 38.1136 – Investment in Annuity Investment Contracts or Participations in Separate Accounts of Life Insurance Company; Investment in General Account of Life Insurer; Requirements.
38.1136 Investment in annuity investment contracts or participations in separate accounts of life insurance company; investment in general account of life insurer; requirements. Sec. 16. (1) An investment fiduciary may invest in annuity investment contracts or participations in separate real estate, mortgage, bond, stock, or other special investment accounts of a life insurance company authorized […]
Section 38.1137 – Other Authorized Investments; Prohibited Investments.
38.1137 Other authorized investments; prohibited investments. Sec. 17. (1) An investment fiduciary may invest in any of the following: (a) Obligations issued, assumed, or guaranteed by a solvent entity created or existing under the laws of the United States or of any state, district, or territory of the United States, which are not in default […]