Retirement: defined benefit; duties of investment fiduciary; modify. Amends sec. 13 of 1965 PA 314 (MCL 38.1133).

Senate Bill 300 amends the Public Employee Retirement System Investment Act, modifying the duties of investment fiduciaries for public employee retirement plans. It mandates that fiduciaries must consider only "pecuniary factors" when evaluating investments, defining these as factors with a material effect on risk or return, and explicitly excluding social, political, or ideological objectives. The bill also expands the required content of annual reports published by these fiduciaries, including comprehensive financial, performance, and actuarial data. These changes directly impact the management and transparency of public employee retirement funds in the state.