The Investment Decisionmaking Process in Two Michigan Public Employee Retirement Plans

The Michigan Public School Employees' Retirement System, created in 1945, includes all public school districts and almost all universities employees, except those covered by federal programs. The City of Detroit General Retirement System is open to all city employees, except those covered by specific other systems. Until July, 1977, the Michigan System is funded by both employers and employees, after which it will be funded by employers only. The Detroit System is funded by both, also. Both systems provide guaranteed retirement income for life and financial protection for disability or death; but only the Detroit system has provision for automatic cost of living increases.