Michigan's $70 billion retirement fund will now have a board to manage investments
LANSING — Michigan's $70 billion retirement fund system is getting a new manager.
Or, rather, managers.
Last month, Gov. Rick Snyder created a State of Michigan Investment Board that will take over investments of the public retirement system that bankrolls pensions and retirement payments for about 570,000 retired and current state and public school employees.
The new structure means Michigan will join the ranks of nearly every other state that has a board oversee pension investment funds and add a new layer of transparency to the process, experts said.
Previously, State Treasurer Nick Khouri was the sole fiduciary of the investment. He had control, with help of an advisory committee, of overseeing and investing money for the retirement systems.
Read more: https://www.lansingstatejournal.com/story/news/2018/10/30/board-oversee-investment-michigan-state-public-school-retirees/1733407002/