STATE NEWS IN BRIEF

New board to oversee Michigan’s $70B public retirement fund

LANSING, Mich. (AP) — A newly created investment board will oversee Michigan’s $70 billion public retirement fund system.

Gov. Rick Snyder created the State of Michigan Investment Board to oversee the retirement system’s investments. Michigan’s retirement system funds pensions and retirement payments for about 570,000 retired and current public school employees, state employees, state police employees, judges and military members.

The Lansing State Journal reports that State Treasurer Nick Khouri was previously the sole fiduciary of the investment, with the help of an advisory committee.

Khouri will now chair a new five-member investment board that also includes the state budget director and three gubernatorial appointees. Snyder’s appointees were all members of the previous investment advisory committee.

Khouri says he doesn’t believe the change will have any short-term impacts on retirees or the fund.

Former Microsoft CEO Steve Ballmer and his wife Connie speak at the Mack Avenue Community Church Development in Detroit on Friday, Nov. 2, 2018. Ballmer and his wife, have announced they are giving $16 million to be shared among 18 nonprofits in the Detroit area. (Max Ortiz/Detroit News via AP)

Former Microsoft CEO Steve Ballmer and his wife Connie speak at the Mack Avenue Community Church Development in Detroit on Friday, Nov. 2, 2018. Ballmer and his wife, have announced they are giving $16 million to be shared among 18 nonprofits in the Detroit area. (Max Ortiz/Detroit News via AP)

Former Microsoft CEO, wife give $16M to Detroit nonprofits

DETROIT (AP) — Former Microsoft CEO Steve Ballmer and his wife, Connie, have announced they are giving $16 million to be shared among 18 nonprofits in the Detroit area.

The Ballmers announced the grants this past week through the Ballmer Group, which focuses on helping children and families escape poverty. Recipients include City Year Detroit, Detroit Children’s Fund, Planned Parenthood of Michigan, United Way of Southeastern Michigan, Michigan League for Public Policy and Detroit Employment Solutions Corp.

Steve Ballmer, who grew up in the area, told The Detroit News on Friday the goal is to help “a higher percentage of kids move up the economic totem pole.”

Connie Ballmer says they don’t plan to publicize future giving. She adds that it’s “too bad” that “you can’t give money away without getting attention.”

Children’s Hospital completes $155M new hospital facilities

DETROIT (AP) — Children’s Hospital of Michigan has completed its new hospital facilities after nearly three years of construction.

The six-story, $155 million Detroit facility includes a family-friendly main entrance, a ground-level emergency department, as well as expanded neonatal, pediatric and cardiac intensive care units with private rooms. Included in the construction is an updated surgery department and renovated operating rooms.

Luanne Thomas Ewald, CEO of Children’s Hospital of Michigan, says in a statement that it’s a “brand new healing environment to support kids and their families.”

The existing hospital building to which the new critical care tower and lobby are attached was constructed in 1971 and was considered a state-of-the-art hospital for children.

The hospital is part of the Detroit Medical Center.

— From the Associated Press

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