Mich. Comp. Laws » Michigan Compiled Laws / Chapter 38 / Act 314 of 1965
Michigan Compiled Laws

Mich. Comp. Laws § 38.1132e (2026)

Definitions; S.

✓ current as of July 2026
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PUBLIC EMPLOYEE RETIREMENT SYSTEM INVESTMENT ACT


Act 314 of 1965


38.1132e Definitions; S.

Sec. 12e.

    (1)  "Small business" means a corporation, partnership, sole proprietorship, or other entity which does not meet the specific requirements of investments permitted under this act.

    (2) "Small business investment company" means an incorporated body or a limited partnership under section 301 of title III of the small business investment act of 1958, Public Law 85-699, 15 U.S.C. 681.

    (3) "Soft dollar" means brokerage commissions that are used by the system to purchase goods or services.

    (4) "Stock" means capital stock, common stock, preferred stock, American depository receipts, or any other evidence of residual ownership of a corporation.

    (5) "System" means a public employee retirement system created and established by this state or any political subdivision of this state.

History: Add. 1996, Act 485, Imd. Eff. Dec. 27, 1996

Notes of Decisions
Cited in 3 cases, 2002–2013 · leading case: Detroit News, Inc. v. Policemen & Firemen Ret. Sys. of City of Detroit, 651 N.W.2d 127 (Mich. Ct. App. 2002).
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Detroit News, Inc. v. Policemen & Firemen Ret. Sys. of City of Detroit, 651 N.W.2d 127 (Mich. Ct. App. 2002). “” MCL 38.1132e(5). Likewise, a “portfolio company” is “an entity in which the investment fiduciary has invested *74 or has considered investing system assets.”
Wayne Cnty. Employees Ret. Sys. v. Wayne Cnty., 301 Mich. App. 1 (Mich. Ct. App. 2013). “” MCL 38.1132e(5). In the summer of 2010, the County had proposed to temporarily suspend the 13th-check payments until the Retirement System was fully *33 funded again; however, the proposal was rejected by the County Board.”
Gen. Ret. Sys. of Detroit v. Ubs, Ag, 799 F. Supp. 2d 749 (E.D. Mich. 2011). “” MCL 38.1132e(l)(b). There is no strong reason to upset the choice of New York law in the agreements entered into freely by the parties.”
— Mich. Comp. Laws § 38.1132e(5) — 2 cases
Detroit News, Inc. v. Policemen & Firemen Ret. Sys. of City of Detroit, 651 N.W.2d 127 (Mich. Ct. App. 2002). “” MCL 38.1132e(5). Likewise, a “portfolio company” is “an entity in which the investment fiduciary has invested *74 or has considered investing system assets.”
Wayne Cnty. Employees Ret. Sys. v. Wayne Cnty., 301 Mich. App. 1 (Mich. Ct. App. 2013). “” MCL 38.1132e(5). In the summer of 2010, the County had proposed to temporarily suspend the 13th-check payments until the Retirement System was fully *33 funded again; however, the proposal was rejected by the County Board.”
— Mich. Comp. Laws § 38.1132e(l)(b) — 1 case
Gen. Ret. Sys. of Detroit v. Ubs, Ag, 799 F. Supp. 2d 749 (E.D. Mich. 2011). “” MCL 38.1132e(l)(b). There is no strong reason to upset the choice of New York law in the agreements entered into freely by the parties.”
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