Michigan Laws 38.1326 – State treasurer as treasurer of retirement system; investment authority; fiduciary responsibility; disposition of funds
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Terms Used In Michigan Laws 38.1326
- Fiduciary: A trustee, executor, or administrator.
- 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
(1) This section does not apply to Tier 2.
(2) The state treasurer shall be treasurer of the retirement system and shall have investment authority, including the custodianship of the funds of the retirement system, and shall have fiduciary responsibility with regard to the investment of funds of the retirement system.
(3) The state treasurer shall deposit the funds of the retirement system in the same manner and subject to the law governing the deposit of state funds by the treasurer. Income earned by the retirement system’s funds shall be credited to the respective reserves under this act that earned the income.