PUBLIC EMPLOYEE RETIREMENT SYSTEM INVESTMENT ACT (EXCERPT)
Act 314 of 1965
38.1132c Definitions; I.
(1) "Investment fiduciary" means a person other than a participant directing the investment of the assets of his or her individual account in a defined contribution plan who does any of the following:
(a) Exercises any discretionary authority or control in the investment of a system's assets. Investment fiduciary under this subdivision includes the state treasurer and his or her investment personnel for the systems described in section 13(4).
(b) Renders investment advice for a system for a fee or other direct or indirect compensation.
(2) "Invest" or "investment" means the utilization of money in the expectation of future returns in the form of income or capital gain. Investments initially purchased in accordance with this act that subsequently do not qualify for purchase for any reason shall be considered to continue to meet the requirements of this act. Investment includes a guarantee by an investment fiduciary but does not include, as a sole investment, a pledge of the system's assets as collateral to guarantee the repayment of obligations made by a third party to a borrower.
(3) "Investment grade" means graded in the top 4 major grades as determined by 2 national rating services.
History: Add. 1996, Act 485, Imd. Eff. Dec. 27, 1996
Am. 2000, Act 307, Imd. Eff. Oct. 16, 2000
Am. 2012, Act 347, Eff. Mar. 28, 2013
© 2009 Legislative Council, State of Michigan