Michigan Laws 38.1047 – State treasurer as ex officio treasurer of retirement system; duties
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The state treasurer shall be ex officio the treasurer of the retirement system and shall:
(a) Act as official custodian of the cash and securities belonging to the retirement system and provide adequate safe deposit facilities for the preservation of the securities and hold the cash and securities subject to the order of the board.
Terms Used In Michigan Laws 38.1047
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Ex officio: Literally, by virtue of one's office.
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(b) Receive from the secretary all items of cash belonging to the retirement system, as the items of cash are transmitted by the secretary of the retirement system, including member contributions, state contributions, interest and principal on investments, and other income accruing to the retirement system, and deposit all amounts in a special trust fund for the account of the retirement system, and notify the board of all the transactions semiannually.
(c) Furnish a corporate surety bond acceptable to the board of that amount as the board designates. The bond shall indemnify the board against any loss which may result from any action or failure to act on the part of the treasurer or any of his or her agents. All reasonable charges incidental to the procuring and giving of the bond shall be paid by the board.
(d) Invest and reinvest, in the manner permitted by the board, the cash assets of the system in excess of the amount required for current operations.