LANSING, MI (AP)-- A newly created investment board will oversee Michigan's $70 billion public retirement fund system.
Gov. Rick Snyder created the State of Michigan Investment Board to oversee the retirement system's investments. Michigan's retirement system funds pensions and retirement payments for about 570,000 retired and current public school employees, state employees, state police employees, judges and military members.
The Lansing State Journal reports that State Treasurer Nick Khouri was previously the sole fiduciary of the investment, with the help of an advisory committee.
Khouri will now chair a new five-member investment board that also includes the state budget director and three gubernatorial appointees. Snyder's appointees were all members of the previous investment advisory committee.
Khouri says he doesn't believe the change will have any short-term impacts on retirees or the fund.
