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The net assets of the Michigan Public School Employees' Retirement System, valued at $52.2 billion as of September 30, 2017, are invested by the Michigan Department of the Treasury, Bureau of Investments. In fiscal year 2017, the system paid retirement pensions totaling $4.8 billion.
On January 17, 2013, Governor Rick Snyder ordered that the Office of Financial and Insurance Regulation (OFIR) be transfer out of the Michigan Department of Licensing and Regulatory Affairs to form a new principal department, the Michigan Department of Insurance and Financial Services, effective March 19, 2013. [3]
The Office of Retirement Services (ORS) administers defined benefit, defined contribution, hybrid, and deferred compensation retirement programs for Michigan's state employees, public school employees, judges, state police, and National Guard. Plans for over 550,000 public servants and their families, representing 1 in 9 Michigan households.
As of late July, the State of Michigan Retirement System had about $6.6 million invested in bitcoin, the most well-known form of cryptocurrency, said Ron Leix, a spokesman for the state treasury.
Retirees tend to invest their money in a mix of different retirement accounts, whether that’s 401(k)s, traditional and Roth IRAs, taxable brokerage accounts and even safe, reliable deposit ...
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The Michigan Strategic Fund would take over the State Land Bank Fast Track Authority from the Michigan State Housing Development Authority. [4] The Michigan Department of Talent and Economic Development came into existence on March 16, 2015 with the department's first director being Steve Arwood, concurrently CEO of the MEDC. TIA's first head ...
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