The bill would create the "Public Employee Health Care Fund Investment Act" to permit the legislative body of a public corporation (a county, city, village, township, authority, district, board, or commission) to adopt a resolution establishing a public employee health care fund for the payment of health care benefits to retirants and beneficiaries of the retirants of the public corporation. The bill also would: require the resolution to include specific information, such as the designation of an investment fiduciary; require an actuarial review of the fund to be prepared at least every five years; and, require the investment fiduciary to issue a summary annual report to the legislative body that established the fund.