Sec. 20d.
(1) An investment fiduciary of a system having assets of less than $250,000,000.00 may invest not more than 15% of the system's assets in investments not otherwise qualified under this act, except as qualified in section 19a, whether the investments are similar or dissimilar to those specified in this act.
(2) An investment fiduciary of a system having assets of $250,000,000.00 or more but less than $1,000,000,000.00 may invest not more than 20% of the system's assets in investments described in subsection (1).
(3) An investment fiduciary of a system having assets of $1,000,000,000.00 or more may invest not more than 25% of the system's assets in investments described in subsection (1).
(4) An investment fiduciary of a system who is the state treasurer may invest not more than 30% of the system's assets in investments described in subsection (1).
(5) If an investment described in subsection (1) is subsequently determined to be permitted under another section of this act, then the investment shall no longer be included under this section.
(6) This section shall not be used to exceed a percentage of total assets limitation for an investment provided in any other section of this act.
History: Add. 1982, Act 55, Imd. Eff. Apr. 6, 1982 ;-- Am. 1996, Act 485, Imd. Eff. Dec. 27, 1996 ;-- Am. 2000, Act 307, Imd. Eff. Oct. 16, 2000 ;-- Am. 2008, Act 425, Imd. Eff. Jan. 6, 2009 ;-- Am. 2012, Act 347, Eff. Mar. 28, 2013 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Section 38.1121-38.1131 - Repealed. 1982, Act 55, Imd.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Section 38.1133b - Repealed. 1993, Act 214, Imd.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.