SB61 - Education Retirees' Trust Fund Funding Act of 2021

• Establishes the Education Retirees' Trust Fund as an irrevocable trust managed by the Teachers' Retirement System Board of Control to provide periodic bonus checks to retired education employees and beneficiaries.

• Fund sources include investment income, gifts, grants, contributions, and Legislature-directed revenue sources, but expressly prohibits Education Trust Fund revenue from being used.

• Requires minimum trust fund balance of $100,000,000 before trustees can transfer assets to the Teachers' Retirement System to fund bonuses, certified by the actuary.

• Grants trustees broad investment and management powers, exempts trust assets from state taxation and creditor claims, and protects trustees from personal liability except for willful misconduct or intentional wrongdoing.

• Requires annual financial statements prepared under generally accepted governmental accounting principles and annual independent audits; becomes effective on the first day of the third month following passage.