Print Page   |   Contact Us   |   Report Abuse   |   Sign In   |   Join Now
Community Search
Public Act 485
Share |

Public Act 485

Memo

January 27, 2000

Dear Members:

In December, 1996, Michigan Public Act 314 of 1965, which governs the investment of all public retirement funds in the State of Michigan, was amended with the adoption of Public Act 485 of 1996. MAPERS initiated this effort and was instrumental in updating the law to allow for broader investment choices and to clearly define the rules and standards that all public systems in the State of Michigan must follow. Now, after several years of working with Public Act 485 it appears there are provisions of the Act that need technical correction and/or clarification. There also appears to be a need to review the asset class limitations and categorization of some investment vehicles.

On January 25, 2000 a committee was convened in Lansing to begin working on these revisions. The committee is comprised of Alan Van Noord and Roy Pentilla (State of Michigan Retirement Systems-Bureau of Investments); Ann Wagner (MERS); Darrell Tennis and Ellen Hoekstra (Capital Services, Inc.); Bill Dundon (Kalamazoo County); Michael VanOverbeke, David Parrott, Michael Holycross, and Thomas Sheehan representing MAPERS. The committee has already identified fourteen (14) areas of the Act that need to be reviewed. While some of the discussed revisions are significant, it is not the intent of the committee to propose a substantive rewrite of the entire act as was accomplished with the enactment of P.A. 485.

MAPERS strongly encourages every member that would like to suggest revisions to the Act to contact any MAPERS committee representative who will present the suggested changes to the committee. You will need to identify the section and language of the Act that needs to be revised, the reason(s) for the revisions, and proposed language that will correct these deficiencies.

The committee will be meeting again on February 8 and February 29, 2000. The legislature will have an abbreviated session this year because many members will be campaigning for re-election. Accordingly, in order to get a bill passed this year, it will be necessary to have a bill drafted and introduced in the legislature by mid-March, 2000. Therefore, it is imperative that the committee receives your input as soon as possible.

To expedite the process, your recommended changes can be forwarded to Michael VanOverbeke at fax number (313) 961-6559 or Email: MPERSLaw@aol.com

We look forward to hearing from you.

Sign In