MI SB0738

Requires state-administered retirement systems (state employees, public school employees, judges, and state police) to submit executive summaries of unfunded actuarial liabilities and funded ratios to legislative appropriations committees and fiscal agencies at least 30 days after publication.

Mandates a representative from the office of retirement services appear before legislative appropriations committees upon request to testify about the system's annual report.

Clarifies that large sponsored systems must report all out-of-state travel funded with public funds with itemized details including traveler names, destinations, dates, purposes, and specific costs for transportation, food, lodging, and vehicle rentals.

Restricts large sponsored systems from paying out-of-state travel expenses unless required by legal mandate, necessary for health/safety, needed for budgetary savings, or required for specialized training unavailable in Michigan.

Establishes investment fiduciary duties requiring consideration of investments that enhance Michigan's general welfare if they offer comparable safety and returns to other permitted investments.