HB379 - Education Retirees' Trust Fund Funding Act of 2021

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

• Trust fund may be funded from investment income, gifts, grants, contributions, and legislatively-directed revenue sources, but explicitly prohibits use of Education Trust Fund revenues.

• Trustees serve without compensation but may be reimbursed for reasonable expenses; trustees are immune from personal liability except for willful misconduct or intentional wrongdoing.

• Assets of the trust fund are exempt from state and local taxation, protected from creditor claims, and may only be used to acquire permitted investments, pay administrative expenses, and provide periodic bonus checks once the fund reaches a minimum balance of $100,000,000.

• Act becomes effective on the first day of the third month following passage and approval by the Governor.