December 12, 2013, Introduced by Senator COLBECK and referred to the Committee on Appropriations.
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.