Summary of Governance

The Board, as "investment fiduciary" under the Public Employee Retirement System Investment Act (PERSIA), 1965 PA 314, has the fiduciary responsibility and authority to direct the Retirement System's investment program.

Members of the Board must follow state law and prudent standards of diligence consistent with "discharging their duties for the exclusive benefit of plan participants." The prudent person standard requires that the Board "exercise the same judgment, care, skill, prudence, and diligence under the circumstances which persons acting in a like capacity and familiar with such matters would use in the conduct of a similar enterprise with similar aims."

The Board empowers the MERS Office of Investments to provide a completely diversified fund utilizing various management styles and strategies.

• Provide a completely diversified fund utilizing various management and style strategies that will provide downside market protection with upside market participation
• Generate reasonable growth and income while minimizing market volatility
• Integrate and develop industry best practices
• Hire, develop, and retain top-tier investment professionals who are aligned with MERS core values