MI HB5570

Establishes investment committees for large sponsored systems (cities with population over 600,000 or those that discharged at least $1 billion in pension liabilities through bankruptcy) to recommend investment management decisions, asset allocation, and actuarial assumptions.

Grants investment committees authority to select and evaluate custodians, investment managers, and service providers; approve summary annual reports; and select the chief financial officer, with board approval or automatic implementation after 45 days.

Prohibits service providers and their covered associates from making campaign contributions to government officials responsible for hiring decisions within 24 months prior, with limited exceptions for small contributions ($150-$350) and contributions made before becoming a covered associate.

Expands annual reporting requirements to include detailed travel reports for large sponsored systems, listing all out-of-state travel funded with public money including traveler names, destinations, dates, reasons, and itemized costs.

Restricts large sponsored systems from paying out-of-state travel expenses unless required by law, necessary for health/safety, needed to produce budgetary savings or secure federal funds, or required for specialized training unavailable in Michigan.