September 2, 2009, Introduced by Reps. Knollenberg, Walsh and Geiss and referred to the Committee on Intergovernmental and Regional Affairs.
A bill to amend 1965 PA 314, entitled
"Public employee retirement system investment act,"
(MCL 38.1132 to 38.1140m) by adding section 13e.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 13e. (1) A board member of a system shall, within 1 month
after assuming that position and at annual intervals after assuming
the position, participate in a training program that includes
instruction in both of the following:
(a) Requirements of applicable investment laws.
(b) Ethical requirements of fiduciaries under the common law
and this act.
(2) The department of treasury shall either offer the training
program required under this section or review and certify the
program content of the training program provider.