Michigan SB0300 amends investment duties for defined benefit retirement systems.
Michigan SB0300 modifies the duties of investment fiduciaries for defined benefit retirement systems. The bill mandates that investment fiduciaries act solely in the pecuniary interest of participants and beneficiaries, considering factors like diversification, liquidity, and return. It prohibits investments that further social, political, or ideological objectives. Fiduciaries must submit summary annual reports detailing investment performance, assets, liabilities, and travel expenditures.
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