The bill amends the Public Employee Retirement System Investment Act to clarify the roles and responsibilities of investment fiduciaries managing public employee retirement system assets. It establishes that fiduciaries must act solely in the interest of participants and beneficiaries, ensuring prudent investment management while considering diversification, liquidity, and projected returns. Key changes include the removal of gender-specific language and the introduction of new requirements for large sponsored systems, such as submitting annual reports to the financial review commission and the legislature, and restrictions on travel expenses funded by the system. The bill also emphasizes compliance with the divestment from terror act and outlines conditions for covering travel expenses, promoting accountability and transparency in managing public retirement funds.

Additionally, the bill introduces regulations regarding investments in hazardous waste deep disposal well facilities, prohibiting further investments unless for non-hazardous operations and mandating divestment within 180 days under specific conditions. It updates the name of the department responsible for environmental quality to the "department of environment, Great Lakes, and energy." Furthermore, the department of treasury is required to publish executive summaries of annual reports related to pension systems, and plan administrators must create written policies for corrective actions if fiduciaries fail to meet training and education requirements. The bill defines "professional training and education" to include various instructional courses aimed at enhancing fiduciaries' knowledge in relevant areas.

Statutes affected:
Senate Introduced Bill: 38.1133