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 fiduciary under this subdivision includes the state treasurer and his or her investment personnel for the systems described in section 13(4).
(b) Renders investment advice for a system for a fee or other direct or indirect compensation.
(2) "Invest" or "investment" means the utilization of money in the expectation of future returns in the form of income or capital gain. Investments initially purchased in accordance with this act that subsequently do not qualify for purchase for any reason shall be considered to continue to meet the requirements of this act. Investment includes a guarantee by an investment fiduciary but does not include, as a sole investment, a pledge of the system's assets as collateral to guarantee the repayment of obligations made by a third party to a borrower.
(3) "Investment grade" means graded in the top 4 major grades as determined by 2 national rating services.
(4) "Large sponsored system" means a system created and established by a city that is subject to a plan for adjustment and that meets 1 or more of the following conditions:
(a) The city has a population of more than 600,000.
(b) The system has discharged at least $1,000,000,000.00 of pension liabilities in bankruptcy.
History: Add. 1996, Act 485, Imd. Eff. Dec. 27, 1996 ;-- Am. 2000, Act 307, Imd. Eff. Oct. 16, 2000 ;-- Am. 2012, Act 347, Eff. Mar. 28, 2013 ;-- Am. 2014, Act 185, Imd. Eff. June 20, 2014 Compiler's Notes: For transfer of powers and duties of state treasurer created under public employee retirement system investment act or authorizing statutes to Michigan investment board and transfer of powers and duties of investment advisory committee created under MCL 16.191 to Michigan investment board , see E.R.O. No. 2018-5, compiled at MCL 38.1176.
Structure 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Section 38.1121-38.1131 - Repealed. 1982, Act 55, Imd.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 to L.
Section 38.1132d - Definitions; N to P.
Section 38.1132e - Definitions; S.
Section 38.1132f - Definitions; V.
Section 38.1133b - Repealed. 1993, Act 214, Imd. Eff. Oct. 27, 1993.
Section 38.1134 - Investment in Stock or Global Security.
Section 38.1135 - Investment in Investment Companies.
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 38.1140b - Deposits by Investment Fiduciary.
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 38.1140i - 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.