Michigan legislation · 103rd Legislature
Michigan SB979: Retirement: other; continuing education requirements for trustees; provide for. Amends sec. 13 of 1965 PA 314 (MCL 38.1133).
Status: In committee, October 14, 2026
What the bill says
To amend 1965 PA 314, entitled "Public employee retirement system investment act," by amending section 13 (MCL 38.1133), as amended by 2018 PA 676.
From the engrossed text, October 14, 2026:
A bill to amend 1965 PA 314, entitled "Public employee retirement system investment act," by amending section 13 (MCL 38.1133), as amended by 2018 PA 676. the peoplE of the state of michigan enact: Sec. 13. (1) This act supersedes any investment authority previously granted to a system under any other law of this state. (2) The assets of a system may be invested, reinvested, held in nominee form, and managed by an investment fiduciary subject to the terms, conditions, and limitations provided in this act. An investment fiduciary of a defined contribution plan may arrange for 1 or more investment options to be directed by the participants of the defined contribution plan. The limitations on the percentage of total assets for investments provided in this act do not apply to a defined contribution plan in which a participant directs the investment of the assets in his or her the participant's individual account, and that participant is not considered an investment fiduciary under this act. (3) An investment fiduciary shall discharge his or her the investment fiduciary's duties solely in the interest of the participants and the beneficiaries, and shall do all of the following: (a) Act with the same care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a similar capacity and …
Sponsors
- Klinefelt, Veronica (D, 11) · primary sponsor
- Geiss, Erika (D, 1)
- Shink, Sue (D, 14)
Latest actions
- : referred to Committee on Economic Competitiveness
- : read a first time
- : received on 10/14/2026
- : PASSED ROLL CALL # 261 YEAS 34 NAYS 0 EXCUSED 4 NOT VOTING 0
- : PLACED ON IMMEDIATE PASSAGE
- : RULES SUSPENDED
- : PLACED ON ORDER OF THIRD READING WITH SUBSTITUTE S-1
- : SUBSTITUTE S-1 CONCURRED IN
- : REPORTED BY COMMITTEE OF THE WHOLE FAVORABLY WITH SUBSTITUTE S-1
- : REFERRED TO COMMITTEE OF THE WHOLE WITH SUBSTITUTE (S-1)
Votes
- PASSED (October 14, 2026): 34 yea, 0 nay, passed
- Reported Favorably With Substitute S-1 9/22/2026 (September 30, 2026): 4 yea, 0 nay, passed
Subjects: Retirement: other
Common questions
- What is SB979?
- SB979 is a bill in the Michigan Legislature (103rd Legislature): Retirement: other; continuing education requirements for trustees; provide for. Amends sec. 13 of 1965 PA 314 (MCL 38.1133).
- What does SB979 do?
- In its own words: To amend 1965 PA 314, entitled "Public employee retirement system investment act," by amending section 13 (MCL 38.1133), as amended by 2018 PA 676.
- What is the status of SB979?
- In committee as of October 14, 2026. Latest action: referred to Committee on Economic Competitiveness (October 14, 2026).
- Who sponsored SB979?
- Klinefelt, Veronica (D, 11), with 2 co-sponsors.
- Where is the official record for SB979?
- On the Michigan Legislature website: https://www.legislature.mi.gov/Bills/Bill?ObjectName=2026-SB-0979
Source: official Michigan record. Tracked by Delilah, AI for legislation across all 50 states and Congress.