SB394 Summary

• Establishes the State Employee Retirees' Trust Fund as an irrevocable trust managed by the State Employees' Retirement System Board of Control to provide periodic bonus checks to retired state employees and their beneficiaries.

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

• Requires a minimum trust fund balance of $25,000,000 before assets can be transferred to fund bonus payments, as certified by the State Employees' Retirement System actuary.

• Grants trustees immunity from personal liability for trust fund losses (except for willful misconduct or intentional wrongdoing) and exempts all trust assets and income from state taxation and creditor claims.

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