AL HB446

Establishes the Education Retirees' Trust Fund as a permanent irrevocable trust in the State Treasury managed by the Teachers' Retirement System Board of Control to provide periodic bonus checks to retired education employees and their beneficiaries.

Funding sources include investment income, gifts, grants, contributions, and legislatively-directed revenue sources, but explicitly prohibits Education Trust Fund revenue from being used.

Maintains a minimum trust fund balance of $100,000,000; assets above this minimum and certified sufficient to fund bonuses may be transferred to the Teachers' Retirement System to provide the bonuses.

Trustees serve without compensation but may be reimbursed for expenses and are immune from personal liability except for willful misconduct or intentional wrongdoing; trust assets are exempt from state taxation and creditor claims.

Requires trust fund personnel and vendors to reflect the racial and ethnic diversity of the state; becomes effective on the first day of the third month following passage and approval.