PUBLIC EMPLOYEE RETIREMENT SYSTEM INVESTMENT ACT (EXCERPT)
Act 314 of 1965
38.1140k Investment in global securities; prohibited conduct.
(1) Notwithstanding a percentage of total assets limitation for an investment provided in any other section of this act, an investment fiduciary who is the state treasurer or the investment fiduciary of a system that has assets of $2,000,000,000.00 or more may invest not more than 30% of a system's assets in global securities. An investment fiduciary of a system that has assets of less than $2,000,000,000.00 and who is not the state treasurer may invest not more than 20% of a system's assets in global securities. Except as otherwise provided in this act, an investment fiduciary shall not do any of the following:
(a) Invest in more than 5% of the outstanding global securities of any 1 issuer.
(b) Invest more than 5% of a system's assets in the global securities of any 1 issuer.
(2) Investments in global securities under this section shall be made only by investment fiduciaries described in section 13(11) who have demonstrated expertise in investments of that type.
History: Add. 1996, Act 485, Imd. Eff. Dec. 27, 1996
Am. 2012, Act 347, Eff. Mar. 28, 2013
© 2009 Legislative Council, State of Michigan