Bill > SB0300

This bill modifies the Public Employee Retirement System Investment Act, specifically focusing on the duties and responsibilities of investment fiduciaries managing defined benefit retirement systems. The bill clarifies that investment fiduciaries must discharge their duties solely in the pecuniary (financial) interest of participants and beneficiaries, emphasizing that investment decisions should be based exclusively on financial factors that have a material effect on risk or return. Key changes include requiring investment fiduciaries to consider only pecuniary factors when evaluating investments, prohibiting actions that further social, political, or ideological objectives, and mandating increased transparency through detailed annual reporting requirements. The bill adds provisions for more comprehensive disclosure, including tabulations of proxy votes and limited partnership investments, and requires that investment fiduciaries provide complete written disclosure of all fees associated with investment services. Additionally, the bill introduces new requirements for public meetings of fiduciaries, mandating that they be open to the public, broadcast live, and archived online. These changes aim to ensure that retirement system investments are managed with a strict focus on financial performance and provide greater accountability and transparency to system participants and the public.

Budget and Finance

https://legislature.mi.gov/Bills/Bill?ObjectName=2025-SB-0300