MI SB1105

Restricts investment fiduciaries of large sponsored pension systems from making additional investments in hazardous waste deep disposal well facilities, except to prepare property for sale for non-hazardous purposes.

Requires divestment of all hazardous waste deep disposal well facility investments within 180 days if the facility operator files for bankruptcy, experiences a change in controlling interest, faces EPA violations or license revocation, or receives an EPA or DEQ order to terminate operations.

Establishes detailed annual reporting requirements for large sponsored systems including investment performance, administrative expenditures, actuarial data, and itemized out-of-state travel expenses with specific details.

Caps professional training and education expenses for pension board members at the lesser of $150,000 annually or $12,000 per board member, with individual member limits of $30,000 per fiscal year, subject to annual CPI adjustments.

Clarifies investment fiduciary duties including prudent management standards, conflict-of-interest prohibitions, fee disclosure requirements, and compliance with the Divestment from Terror Act for specified state retirement systems.