Michigan Compiled Laws
Act 314 of 1965 - Public Employee Retirement System Investment Act (38.1121 - 38.1141)
Section 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 considered to have breached the public trust and shall reimburse the system for all costs, including legal defense fees, that were paid by the system. The system shall use reasonable efforts to collect any fees and costs recoverable under this subsection.
(2) As used in this section, "service provider" means that term as defined in section 13e.
History: Add. 2012, Act 347, Eff. Mar. 28, 2013

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Structure Michigan Compiled Laws

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Section 38.1121-38.1131 - Repealed. 1982, Act 55, Imd.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 38.1133 - 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; Disclo...

Section 38.1133a - “Macbride Principles” Defined; Duties of Investment Fiduciary; Effect of Unlawful Principle.

Section 38.1133b - Repealed. 1993, Act 214, Imd.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 St...

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 Aff...

Section 38.1133e - Prohibited Conduct by Investment Fiduciary, Service Provider, or Covered Associate of Service Provider; Exceptions; Definitions; Official of Governmental Entity.

Section 38.1133f - Breach of Public Trust by Investment Fiduciary or Service Provider; "Service Provider" Defined.

Section 38.1133g - Investment Committee; Establishment by Large Sponsored System; Duties; Recommendation; Definitions.

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 38.1139b - Deduction From Employee Compensation by Public Employer; Automatic Enrollment of Employee; Notice; Investment Alternatives; Liability; Definitions.

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 o...

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;...

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 Inst...

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 and Publi...

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.