Governor Rick Snyder has signed a bill expanding the range of investments that public employee pension funds can make.
The bill signed Wednesday lets public pension managers buy global equities, real estate and private equity funds.
State Sen. Mark Jansen is the bill's sponsor.
Snyder's office says the legislation "allows pension systems to take advantage of more diverse investment options."
It says the law also creates "uniform methods of reporting across public systems now are provided so retirees and members of the systems can accurately measure performance."