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Bill

SB 300

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

2025-2026 Regular Session Introduced by Joe Bellino and 10 co-sponsors

SB 300 modifies Michigan pension plan investment fiduciary duties, potentially reshaping how public employee retirement funds are managed and invested.

REFERRED TO COMMITTEE ON FINANCE, INSURANCE, AND CONSUMER PROTECTION
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Bill Summary · SB 300

Legislative bill overview

SB 300 modifies Michigan's Public Employee Retirement System Act by amending fiduciary duties for investment decision-makers in defined benefit pension plans. The bill specifically alters section 13 of the 1965 Public Employees Retirement Act, though the introduced version's specific language changes are not publicly detailed in the provided information.

Why is this important

Defined benefit pensions represent significant financial obligations for Michigan's public employers and directly affect retirement security for thousands of public employees and retirees. Changes to investment fiduciary standards can influence how pension funds are managed, potentially affecting both the long-term solvency of pension plans and investment returns that benefit beneficiaries.

Potential points of contention

  • Fiduciary standard modifications - Unclear whether changes strengthen or weaken fiduciary duties; any loosening could expose pension funds to greater risk, while stricter standards might limit investment flexibility
  • ESG/Social investing debates - Amendments to fiduciary duties often relate to whether pension funds can prioritize environmental, social, or governance factors alongside financial returns, a contentious partisan issue
  • Beneficiary vs. taxpayer balance - Changes may shift risk allocation between plan participants relying on pension security and taxpayers funding public employee benefits

Compiled from official sources — confirm details with the bill’s official record.

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