Michigan Laws 38.1214 – Investment fiduciary; duties
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 38.1214
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiduciary: A trustee, executor, or administrator.
- Fund: means a public employee health care fund created under this act or a court order, including a plan for adjustment, and used for the accumulation and investment of funds for the purpose of funding health care for retired employees of the public corporation. See Michigan Laws 38.1212
- Investment fiduciary: means a person who does any of the following:
(i) Exercises any discretionary authority or control in the investment of the fund's or trust's assets. See Michigan Laws 38.1212Public corporation: means a county, city, village, township, authority, district, board, or commission in this state. See Michigan Laws 38.1212
An investment fiduciary shall invest the assets of the fund in accordance with an investment policy adopted by the governing body of a public corporation and that complies with section 13 of the public employee retirement system investment act, 1965 PA 314, MCL 38.1133. However, the investment fiduciary shall discharge his or her duties solely in the interest of the public corporation. The public corporation may invest the fund’s assets in the investment instruments and subject to the investment limitations governing the investment of assets of public employee retirement systems under the public employee retirement system investment act, 1965 PA 314, MCL 38.1132 to 38.1140.