reglab/housing_qa huggingface dataset:
MI Comp L § 38.1136 (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 314 of 1965 - Public Employee Retirement System Investment Act (38.1121 - 38.1141)|Section 38.1136 - Investment in Annuity Investment Contracts or Participations in Separate Accounts of Life Insurance Company; Investment in General Account of Life Insurer; Requirements.

38.1136 Investment in annuity investment contracts or participations in separate accounts of life insurance company; investment in general account of life insurer; requirements. Sec. 16.  (1) An investment fiduciary may invest in annuity investment contracts or participations in separate real estate, mortgage, bond, stock, or other special investment accounts of a life insurance company authorized to do business in this state. An investment in such a separate account shall be considered an investment in stock under section 14 only to the extent that the separate account's assets include stock, and then only for the purpose of determining the 70% maximum investment limit under section 14. An investment in such a separate account shall also be considered an investment in real or personal property under section 19(1), but only to the extent that the separate account's assets include real or personal property, and then only for the purpose of determining the 5% maximum investment limit under section 19(1).  (2) An investment fiduciary may invest in the general account of a life insurer authorized to do business in this state under the insurance code of 1956, 1956 PA 218, MCL 500.100 to 500.8302, but the total amount of assets of any 1 system invested in any 1 insurer shall not exceed 50% of the capital and surplus of the insurer.  (3) A life insurance company under this section shall have been in operation for at least 5 years and have assets under management of more than $500,000,000.00. The insurance company shall have a claims-paying ability rating no less than single A according to A.M. Best & company or AA- according to Duff & Phelps credit rating corp., and an overall company financial strength rating no less than Aa3 according to Moody's investors service, inc. or AA- according to Standard & Poor's ratings group. History: Add. 1982, Act 55, Imd. Eff. Apr. 6, 1982 ;-- Am. 1996, Act 485, Imd. Eff. Dec. 27, 1996 ;-- Am. 2000, Act 307, Imd. Eff. Oct. 16, 2000
MI Comp L § 38.1138 (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 314 of 1965 - Public Employee Retirement System Investment Act (38.1121 - 38.1141)|Section 38.1138 - Investment in Real Estate or Mortgages on Certain Leased Real Property.

38.1138 Investment in real estate or mortgages on certain leased real property. Sec. 18.  An investment fiduciary may invest in real estate or mortgages on real property leased or to be leased to the United States government, or to a state, territory, agency, authority, or public instrumentality of the United States, if the investment does not exceed 100% of the appraised value of the property subject to the mortgage and if all of the following requirements are met:  (a) The lease has an unexpired term exclusive of optional renewal terms equal to or greater than the remaining term of the investment.  (b) The lease provides for net rental payments equal to or greater than the periodic payments on the investment.  (c) The lease and the lease payments are assigned to the system. History: Add. 1982, Act 55, Imd. Eff. Apr. 6, 1982
MI Comp L § 38.1139a (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 314 of 1965 - Public Employee Retirement System Investment Act (38.1121 - 38.1141)|Section 38.1139a - State Treasurer as Investment Fiduciary; Investments in Private Equity; Limitation; Investment Fiduciary Not State Treasurer; Limitation.

38.1139a State treasurer as investment fiduciary; investments in private equity; limitation; investment fiduciary not state treasurer; limitation.Sec. 19a.  (1) If the investment fiduciary is the state treasurer, investments in private equity shall not be more than 30% of the system's total assets. If the investment fiduciary is not the state treasurer and the system has assets of $1,000,000,000.00 or more, investments in private equity shall not be more than 10% of the system's total assets. An investment fiduciary described in this subsection may invest not more than an additional 5% of the system's assets in Michigan private equity only.  (2) An investment fiduciary of a system that has assets of $250,000,000.00 or more but less than $1,000,000,000.00 shall not invest more than 5% of the system's assets in Michigan private equity. An investment fiduciary may otherwise invest in private equity under section 20d. History: Add. 2008, Act 425, Imd. Eff. Jan. 6, 2009 ;-- Am. 2012, Act 347, Eff. Mar. 28, 2013
MI Comp L § 38.1140a (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 314 of 1965 - Public Employee Retirement System Investment Act (38.1121 - 38.1141)|Section 38.1140a - Investment in Debt, Warrant, or Equity Interest in Small Business, Small Business Investment Company, or Venture Capital Firm; Creation of Small Business Investment Companies or Venture Capital Firms to Invest in Small Businesses; Limitation.

38.1140a Investment in debt, warrant, or equity interest in small business, small business investment company, or venture capital firm; creation of small business investment companies or venture capital firms to invest in small businesses; limitation. Sec. 20a.  (1) Except as provided in subsection (2), an investment fiduciary of a system having assets of more than $250,000,000.00 may invest not more than 2% of a system's assets in a debt, warrant, or equity interest in a small business having more than 1/2 of the small business's assets or employees within this state, or in a debt, warrant, or equity interest in a small business investment company or venture capital firm having its principal office or more than 1/2 of its assets within this state, or the system may create, own, hold, buy, sell, operate, manage, and direct 1 or more small business investment companies or venture capital firms designed to invest in small businesses having more than 1/2 of their assets or employees within this state. An investment fiduciary may also join with a group composed of other public employee retirement systems, pension systems subject to the employee retirement income security act of 1974, Public Law 93-406, 88 Stat. 829, financial institutions, corporations, or governmental agencies or instrumentalities to accomplish the purposes of this section. An investment in stock under this section shall be considered an investment in stock under section 14 only for the purpose of determining the 70% maximum investment limitation contained in section 14.  (2) If the investment fiduciary of a system is the state treasurer, investments described in subsection (1) may exceed 2% of the assets of the system, but shall not exceed 5% of the assets of the system. History: Add. 1982, Act 55, Imd. Eff. Apr. 6, 1982 ;-- Am. 1996, Act 485, Imd. Eff. Dec. 27, 1996 ;-- Am. 2000, Act 307, Imd. Eff. Oct. 16, 2000 Compiler's Notes: For transfer of powers and duties of state treasurer created under public employee retirement system investment act or authorizing statutes to Michigan investment board and transfer of powers and duties of investment advisory committee created under MCL 16.191 to Michigan investment board , see E.R.O. No. 2018-5, compiled at MCL 38.1176.
MI Comp L § 38.1140b (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 314 of 1965 - Public Employee Retirement System Investment Act (38.1121 - 38.1141)|Section 38.1140b - Deposits by Investment Fiduciary.

38.1140b Deposits by investment fiduciary. Sec. 20b.  An investment fiduciary may make interest bearing deposits with the treasurer of the political subdivision sponsoring the system or with the state treasurer, either of whom may then manage and invest the deposits in a collective investment fund, common trust fund, or pooled fund that is established and maintained for investment of those assets by the treasurer of the political subdivision sponsoring the system or by the state treasurer in accordance with this act. History: Add. 1982, Act 55, Imd. Eff. Apr. 6, 1982 ;-- Am. 1996, Act 485, Imd. Eff. Dec. 27, 1996 Compiler's Notes: For transfer of powers and duties of state treasurer created under public employee retirement system investment act or authorizing statutes to Michigan investment board and transfer of powers and duties of investment advisory committee created under MCL 16.191 to Michigan investment board , see E.R.O. No. 2018-5, compiled at MCL 38.1176.
MI Comp L § 38.1140d (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 314 of 1965 - Public Employee Retirement System Investment Act (38.1121 - 38.1141)|Section 38.1140d - Investments Not Qualified Under Act.

38.1140d Investments not qualified under act.Sec. 20d.  (1) An investment fiduciary of a system having assets of less than $250,000,000.00 may invest not more than 15% of the system's assets in investments not otherwise qualified under this act, except as qualified in section 19a, whether the investments are similar or dissimilar to those specified in this act.  (2) An investment fiduciary of a system having assets of $250,000,000.00 or more but less than $1,000,000,000.00 may invest not more than 20% of the system's assets in investments described in subsection (1).  (3) An investment fiduciary of a system having assets of $1,000,000,000.00 or more may invest not more than 25% of the system's assets in investments described in subsection (1).  (4) An investment fiduciary of a system who is the state treasurer may invest not more than 30% of the system's assets in investments described in subsection (1).  (5) If an investment described in subsection (1) is subsequently determined to be permitted under another section of this act, then the investment shall no longer be included under this section.  (6) This section shall not be used to exceed a percentage of total assets limitation for an investment provided in any other section of this act. History: Add. 1982, Act 55, Imd. Eff. Apr. 6, 1982 ;-- Am. 1996, Act 485, Imd. Eff. Dec. 27, 1996 ;-- Am. 2000, Act 307, Imd. Eff. Oct. 16, 2000 ;-- Am. 2008, Act 425, Imd. Eff. Jan. 6, 2009 ;-- Am. 2012, Act 347, Eff. Mar. 28, 2013 Compiler's Notes: For transfer of powers and duties of state treasurer created under public employee retirement system investment act or authorizing statutes to Michigan investment board and transfer of powers and duties of investment advisory committee created under MCL 16.191 to Michigan investment board , see E.R.O. No. 2018-5, compiled at MCL 38.1176.
MI Comp L § 38.1140e (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 314 of 1965 - Public Employee Retirement System Investment Act (38.1121 - 38.1141)|Section 38.1140e - Loan of Securities by Investment Fiduciary.

38.1140e Loan of securities by investment fiduciary. Sec. 20e.  (1) An investment fiduciary may loan bonds, stocks, or other securities if at the time the loan is executed, at least 102% of the full market value of the security loaned is secured by collateral of cash to be invested in 1 or more of the following:  (a) Securities graded in the top 4 major grades as determined by at least 1 national rating service, but not graded below the top 4 grades as determined by any of the national rating services, or determined by the investment fiduciary to be of comparable quality in the case of unrated securities.  (b) Repurchase agreements collateralized by securities graded in the top 4 major grades as determined by at least 1 national rating service, but not graded below the top 4 grades as determined by any of the national rating services, or determined by the investment fiduciary to be of comparable quality in the case of unrated securities.  (c) Irrevocable bank letters of credit.   (d) Securities issued or guaranteed by the United States government or an agency of the United States government.  (2) At all times during the term of a loan under subsection (1), the collateral shall be equal to not less than 100% of the full market value of the security loaned. History: Add. 1982, Act 55, Imd. Eff. Apr. 6, 1982 ;-- Am. 1996, Act 485, Imd. Eff. Dec. 27, 1996 ;-- Am. 2000, Act 307, Imd. Eff. Oct. 16, 2000
MI Comp L § 38.1140f (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 314 of 1965 - Public Employee Retirement System Investment Act (38.1121 - 38.1141)|Section 38.1140f - Transferring and Holding Securities.

38.1140f Transferring and holding securities. Sec. 20f.  An investment fiduciary may use 1 or more nominees to facilitate transfer of a system's securities and may hold the securities in safekeeping with the federal reserve system, a clearing corporation, or a custodian bank which is a member of the federal reserve system. History: Add. 1982, Act 55, Imd. Eff. Apr. 6, 1982
MI Comp L § 38.1140g (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 314 of 1965 - Public Employee Retirement System Investment Act (38.1121 - 38.1141)|Section 38.1140g - Investment in Securities Exempt From Taxes.

38.1140g Investment in securities exempt from taxes. Sec. 20g.  Notwithstanding any other provision of this act, investment in securities wholly or partially exempt from income or other taxes levied by the United States shall be made only at taxable-equivalent yields or returns available in the marketplace on otherwise comparable securities at the time the investment decision is made. History: Add. 1982, Act 55, Imd. Eff. Apr. 6, 1982
MI Comp L § 38.1140i (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 314 of 1965 - Public Employee Retirement System Investment Act (38.1121 - 38.1141)|Section 38.1140i - Repealed. 2000, Act 307, Imd. Eff. Oct. 16, 2000.

38.1140i Repealed. 2000, Act 307, Imd. Eff. Oct. 16, 2000. Compiler's Notes: The repealed section pertained to guaranteed repayment of loans.
MI Comp L § 38.1140j (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 314 of 1965 - Public Employee Retirement System Investment Act (38.1121 - 38.1141)|Section 38.1140j - Investment in Derivatives.

38.1140j Investment in derivatives. Sec. 20j.  (1) Subject to qualification elsewhere in this act, an investment fiduciary may invest in any of the following:  (a) A derivative that hedges positions of a nonderivative component of a portfolio that clearly reduces a defined risk.  (b) A derivative that replicates the risk/return profile of an asset or asset class, provided the asset or asset class is permitted in other sections of this act.  (c) A derivative that rebalances the country or asset class exposure of a portfolio.  (d) A derivative in which the investment fiduciary has examined the price, yield, and duration characteristics in all market environments both at the time of investment and on an ongoing basis.  (e) A commingled or pooled investment fund that uses derivatives, if the fund's use of derivatives is consistent with the guidelines outlined in this section.  (f) Over-the-counter derivatives if, in the case of an over-the-counter security, a minimum of 2 competing bids or offers are obtained. All counter party risk in over-the-counter derivative transactions shall be examined at the time of investment and on an ongoing basis.  (2) The aggregate market value of the underlying security, future, or other instrument or index made under this section shall not exceed 15% of the assets of the system. For purposes of the asset limitation in this section only, "derivatives" does not include:  (a) Asset backed pools, mortgage backed pools, or collateralized mortgage obligations that are otherwise qualified under this act and are no more exposed to prepayment risk or interest rate risk than the underlying collateral including planned amortization classes and sequential-pay collateralized mortgage obligations.  (b) Convertible bonds, convertible preferred stock, rights or warrants to purchase stock or bonds or notes or partnership interests, floating rate notes, zero coupon securities, stripped principal securities, or stripped interest securities, which items are otherwise qualified under this act.  (c) Exchange-listed derivatives trading on a daily basis and settling in cash daily or having a limited and fully defined risk profile at an identified, fixed cost, including futures contracts and purchased options.  (d) Currency forwards trading on a daily basis and settling in cash daily or having a limited and fully defined risk profile at an identified, fixed cost.  (3) Notwithstanding any other provision of this act to the contrary, an investment fiduciary shall not invest in derivatives for the purpose of leveraging a portfolio or shorting securities as a sole investment. History: Add. 1996, Act 485, Imd. Eff. Dec. 27, 1996
MI Comp L § 38.1140k (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 314 of 1965 - Public Employee Retirement System Investment Act (38.1121 - 38.1141)|Section 38.1140k - Investment in Global Securities; Prohibited Conduct.

38.1140k Investment in global securities; prohibited conduct.Sec. 20k.  (1) Notwithstanding a percentage of total assets limitation for an investment provided in any other section of this act, an investment fiduciary who is the state treasurer or the investment fiduciary of a system that has assets of $2,000,000,000.00 or more may invest not more than 30% of a system's assets in global securities. An investment fiduciary of a system that has assets of less than $2,000,000,000.00 and who is not the state treasurer may invest not more than 20% of a system's assets in global securities. Except as otherwise provided in this act, an investment fiduciary shall not do any of the following:  (a) Invest in more than 5% of the outstanding global securities of any 1 issuer.  (b) Invest more than 5% of a system's assets in the global securities of any 1 issuer.  (2) Investments in global securities under this section shall be made only by investment fiduciaries described in section 13(11) who have demonstrated expertise in investments of that type. History: Add. 1996, Act 485, Imd. Eff. Dec. 27, 1996 ;-- Am. 2012, Act 347, Eff. Mar. 28, 2013 Compiler's Notes: For transfer of powers and duties of state treasurer created under public employee retirement system investment act or authorizing statutes to Michigan investment board and transfer of powers and duties of investment advisory committee created under MCL 16.191 to Michigan investment board , see E.R.O. No. 2018-5, compiled at MCL 38.1176.
MI Comp L § 38.1140l (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 314 of 1965 - Public Employee Retirement System Investment Act (38.1121 - 38.1141)|Section 38.1140l - Financial or Proprietary Information.

38.1140l Financial or proprietary information. Sec. 20l  (1) A record or portion of a record, material, or other data received, prepared, used, or retained by an investment fiduciary in connection with the investment of assets of a system that relates to financial or proprietary information pertaining to a portfolio company in real estate or alternative investments in which the investment fiduciary has invested or has considered an investment that is considered by the portfolio company and acknowledged by the investment fiduciary as confidential; or that relates to financial or proprietary information whether prepared by or for the investment fiduciary regarding loans and assets directly owned by the investment fiduciary and acknowledged by the investment fiduciary as confidential is not subject to the disclosure requirements of the freedom of information act, Act No. 442 of the Public Acts of 1976, being sections 15.231 to 15.246 of the Michigan Compiled Laws.  (2) A document to which the investment fiduciary is a party evidencing an investment is not considered financial or proprietary information that may be exempt from disclosure pursuant to subsection (1).  (3) As used in this section, "financial or proprietary information" means information that has not been publicly disseminated or that is unavailable from other sources, the release of which might cause the portfolio company or the investment fiduciary significant competitive harm. Financial or proprietary information includes but is not limited to financial performance data and projections, financial statements, list of coinvestors and their level of investment, product and market data, rent rolls, and leases. History: Add. 1996, Act 485, Imd. Eff. Dec. 27, 1996
MI Comp L § 38.1151 (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 306 of 1976 - Deferred Compensation Plan (38.1151 - 38.1151)|Section 38.1151 - Deferred Compensation Plan; Administration and Investment.

38.1151 Deferred compensation plan; administration and investment. Sec. 1.  (1) Until October 1, 1996, the department of civil service may implement and administer a deferred compensation plan that may include a fixed-income plan and a stock plan option. The plan, if implemented, shall be established by resolution by the state civil service commission. The resolution shall set forth the purpose, eligibility requirements, membership, qualifications, and administration of the plan.  (2) Beginning on October 1, 1996, the state treasurer is responsible for the administration and investment of the deferred compensation plan. History: 1976, Act 306, Imd. Eff. Oct. 28, 1976 ;-- Am. 1996, Act 96, Imd. Eff. Feb. 28, 1996 Compiler's Notes: For transfer of powers and duties set forth in Act. No. 306 of the Public Acts of 1976 to the state treasurer, see E.R.O. No. 1996-5, compiled at MCL 38.1171 of the Michigan Compiled Laws. For transfer of powers and duties of the department of civil service related to employee benefit programs from the department of civil service to the director of the department of management and budget, see E.R.O. No. 1996-5, compiled at MCL 38.1171 of the Michigan Compiled Laws.
MI Comp L § 38.1161 (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 325 of 1978 - Quality Recognition System (38.1161 - 38.1169)|Section 38.1161 - Definitions.

38.1161 Definitions. Sec. 1.  As used in this act:   (a) "Board" or "recognition board" means the recognition board established in section 2.  (b) "Department" means the department of management and budget.  (c) "Director" means the director of the department or his or her designee.  (d) "Process improvement" is a recommended improvement that is concisely written and identifies a problem, situation, or opportunity for improvement, together with a recommendation for a remedy. The improvement must be implemented and bring about measurable organizational success for this state.  (e) "Retired state employee" means an individual who has retired from state service and is receiving a retirement benefit from either the defined benefits or defined contributions retirement plans sponsored by this state.  (f) "State employee" means a classified member of the state civil service or an unclassified employee of the executive, legislative, or judicial branch of state government.   (g) "Value added behavior" means a positive contribution by a person that advances the implementation of a process improvement or otherwise assists in the advancement of overall organizational success. History: 1978, Act 325, Imd. Eff. July 11, 1978 ;-- Am. 1998, Act 119, Eff. July 1, 1998 Compiler's Notes: For transfer of powers and duties of the department of civil service related to the suggestion awards program from the department of civil service to the director of the department of management and budget, see E.R.O. No. 1996-5, compiled at MCL 38.1171 of the Michigan Compiled Laws.For transfer of powers and duties of office of state employer and department of management and budget related to administration of state employee benefit programs and quality recognition system to department of civil service, see E.R.O. No. 2002-9, compiled at MCL 38.1172 of the Michigan Compiled Laws.