Bill Text: MI SB0728 | 2013-2014 | 97th Legislature | Introduced

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Bill Title: Retirement; public school employees; technical amendments; provide for. Amends sec. 127 of 1980 PA 300 (MCL 38.1427). TIE BAR WITH: SB 0722'13

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2013-12-12 - Referred To Committee On Appropriations [SB0728 Detail]

Download: Michigan-2013-SB0728-Introduced.html

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SENATE BILL No. 728

 

 

Introduced by Senator COLBECK.

 

 

     A bill to amend 1980 PA 300, entitled

 

"The public school employees retirement act of 1979,"

 

by amending section 127 (MCL 38.1427), as added by 2010 PA 75.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 127. Each Subject to section 131a, each qualified

 

participant, former qualified participant, and refund beneficiary

 

shall direct the investment of the individual's accumulated

 

employer and employee contributions and earnings to 1 or more

 

investment choices within available categories of investment

 

provided by the department. The limitations on the percentage of

 

total assets for investments provided in the public employee

 

retirement system investment act, 1965 PA 314, MCL 38.1132 to

 

38.1140m, 38.1141, do not apply to Tier 2.

 

     Enacting section 1. This amendatory act does not take effect

 

unless Senate Bill No. 722                                      

 

          of the 97th Legislature is enacted into law.