Michigan Compiled Laws
Article 2 - (38.1321...38.1336)
Section 38.1326 - State Treasurer as Treasurer of Retirement System; Investment Authority; Fiduciary Responsibility; Disposition of Funds.

Sec. 26.
(1) This section does not apply to Tier 2.
(2) The state treasurer shall be treasurer of the retirement system and shall have investment authority, including the custodianship of the funds of the retirement system, and shall have fiduciary responsibility with regard to the investment of funds of the retirement system.
(3) The state treasurer shall deposit the funds of the retirement system in the same manner and subject to the law governing the deposit of state funds by the treasurer. Income earned by the retirement system's funds shall be credited to the respective reserves under this act that earned the income.
History: 1980, Act 300, Imd. Eff. Oct. 31, 1980 ;-- Am. 1989, Act 194, Imd. Eff. Aug. 25, 1989 ;-- Am. 1996, Act 488, Eff. Mar. 31, 1997 ;-- Am. 1997, Act 143, Imd. Eff. Nov. 19, 1997 ;-- Am. 2010, Act 75, Imd. Eff. May 19, 2010 Compiler's Notes: Section 2 of Act 488 of 1996 provides:"Section 2. If any section or part of a section of this act is for any reason held to be invalid or unconstitutional, the holding does not affect the validity of the remaining sections of this act or the act in its entirety."Enacting section 1 of Act 75 of 2010 provides:"Enacting section 1. If any section or part of a section of this act is for any reason held to be invalid or unconstitutional, the holding does not affect the validity of the remaining sections of this act or the act in its entirety."Popular Name: Act 300

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 38 - Civil Service and Retirement

Act 300 of 1980 - The Public School Employees Retirement Act of 1979 (38.1301 - 38.1467)

Article 2 - (38.1321...38.1336)

Section 38.1321 - Public School Employees' Retirement System; Creation.

Section 38.1322 - Public School Employees' Retirement Board; Creation; Appointment, Qualifications, and Terms of Members; Vacancy.

Section 38.1323 - Retirement Board; Oath; Conducting Business at Public Meeting; Notice of Meeting; Quorum; Failure to Attend Scheduled Meetings; Availability of Writings to Public.

Section 38.1324 - Retirement Board; Compensation and Expenses.

Section 38.1325 - Retirement Board; Rights, Authority, and Discretion; Rules; Limitation; Study Period; Information to Be Provided to Certain Universities.