AL SB317

Establishes the Education Retirees' Trust Fund as a separate, irrevocable trust 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.

Fund may be financed through investment income, gifts, grants, contributions, and legislative appropriations, but explicitly prohibits use of Education Trust Fund revenue.

Requires a minimum trust fund balance of $100,000,000; once assets exceed this amount and are sufficient to fund bonuses, trustees must transfer certified amounts to the Teachers' Retirement System.

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

Personnel employed and contractors hired by the trust must reflect the racial and ethnic diversity of the state; the act becomes effective on the first day of the third month following passage and approval.