SB 0300
Retirement: defined benefit; duties of investment fiduciary; modify. Amends sec. 13 of 1965 PA 314 (MCL 38.1133).
Take action
Record your position on this measure.
Sign in to record your position, submit testimony, or contact your legislator.
Sign in to take action- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Bill overview
This bill modifies the rules governing investment fiduciaries in Michigan’s defined benefit retirement systems. It clarifies that investment fiduciaries must act in the best financial interests of participants and beneficiaries, considering financial factors and avoiding political or ideological motivations. The bill also mandates increased transparency through detailed annual reports, including information on investments, expenses, and actuarial valuations, and establishes specific requirements for large sponsored systems regarding travel and proxy voting.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Cosponsors
Jon C. Bumstead
Joseph N. Bellino Jr.
Arguments in favor
Reasons to support this legislation.
No arguments in favor have been submitted.
Submit yoursArguments opposed
Reasons to oppose this legislation.
No arguments opposed have been submitted.
Submit yoursRead the latest version inline or switch to a previous version.