A version of this testimony was submitted to the Michigan Senate Finance Committee.
Thank you for the opportunity to offer our brief analysis of Senate Bill 1192 and the need to clarify the fiduciary standards of public trustees. Recent changes to the U.S. Department of Labor’s rules governing fiduciary standards emphasize the need for state leaders here in Michigan to keep the attention of public pension and public trust fiduciaries focused on the needs of retirees and taxpayers. From our perspective, Michigan Senate Bill 1192 is unique in meeting those needs as it draws from the best practices of state
