There is a newer version of the Michigan Compiled Laws
2014 Michigan Compiled Laws
Chapter 38 - CIVIL SERVICE AND RETIREMENT
Act 314 of 1965 PUBLIC EMPLOYEE RETIREMENT SYSTEM INVESTMENT ACT (38.1121 - 38.1141)
- Section 38.1121-38.1131 Repealed. 1982, Act 55, Imd. Eff. Apr. 6, 1982.
- Section 38.1132 Short title; meanings of words and phrases.
- Section 38.1132a Definitions; A.
- Section 38.1132b Definitions; D to G.
- Section 38.1132c Definitions; I.
- Section 38.1132d Definitions; N to P.
- Section 38.1132e Definitions; S.
- Section 38.1132f Definitions; V.
- Section 38.1133 Investment authority; investment fiduciary; investing, reinvesting, holding in nominee form, and managing assets of system; powers and duties; costs; disclosure of fees or other compensation by investment service provider; "investment service provider" defined; prohibited acts; exceptions; requirements; debt instrument issued by foreign country.
- Section 38.1133a “MacBride principles” defined; duties of investment fiduciary; effect of unlawful principle.
- Section 38.1133b, 38.1133c Repealed. 1993, Act 214, Imd. Eff. Oct. 27, 1993.
- 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.
- 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.
- Section 38.1133e Prohibited conduct by investment fiduciary, service provider, or covered associate of service provider; exceptions; definitions.
- Section 38.1133f Breach of public trust by investment fiduciary or service provider; "service provider" defined.
- Section 38.1134 Investment in stock or global security.
- Section 38.1135 Investment in investment companies.
- 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.
- Section 38.1137 Other authorized investments; prohibited investments.
- Section 38.1138 Investment in real estate or mortgages on certain leased real property.
- Section 38.1139 Investment in real estate investment trust or real or personal property.
- Section 38.1139a State treasurer as investment fiduciary; investments in private equity; limitation; investment fiduciary not state treasurer; limitation.
- Section 38.1140 Investment in secured loans; real property not considered encumbered; investment in part of obligation or participation interest in loan or group of loans; investment in real estate loan; investment in loan or loans or certificate of participation secured by loan or loans made on single family residential property; investment in certificates representing interest in mortgages or group of mortgages; limitations and restrictions; investment in second mortgage; investment with variable interest rate.
- Section 38.1140a Investment in debt, warrant, or equity interest in small business, small business investment company, or venture capital firm; creation of small business investment companies or venture capital firms to invest in small businesses; limitation.
- Section 38.1140b Deposits by investment fiduciary.
- Section 38.1140c Financial institution, trust company, or management company retained as investment fiduciary; investment of system assets in collective investment fund, common trust fund, or pooled fund established and maintained by financial institution or management company; “financial institution” defined.
- Section 38.1140d Investments not qualified under act.
- Section 38.1140e Loan of securities by investment fiduciary.
- Section 38.1140f Transferring and holding securities.
- Section 38.1140g Investment in securities exempt from taxes.
- Section 38.1140h Applicable law; retention of financial records; "financial records" defined; disclosure of certain information; actuarial valuation; supplemental actuarial analysis; “proposed pension benefit change” defined; availability of summary annual report.
- Section 38.1140i Repealed. 2000, Act 307, Imd. Eff. Oct. 16, 2000.
- Section 38.1140j Investment in derivatives.
- Section 38.1140k Investment in global securities; prohibited conduct.
- Section 38.1140l Financial or proprietary information.
- Section 38.1140m Employer contribution.
- Section 38.1141 Removal of member of board or body.
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