HB352 Summary

• Creates an irrevocable State Employee Retirees' Trust Fund managed by the State Employees' Retirement System Board of Control to provide periodic bonus checks to state employee retirees and beneficiaries.

• Trust fund sources include investment income, gifts, grants, contributions, and legislatively-directed revenue sources, but explicitly excludes Education Trust State General Fund revenue.

• Trust assets are permanently restricted to acquiring permitted investments, paying administrative expenses, and providing periodic bonus checks; Legislature cannot appropriate trust assets.

• Trustees serve without compensation but may be reimbursed for reasonable expenses and are immune from suit except for willful misconduct or intentional wrongdoing.

• Trust assets are exempt from state and local taxation and protected from creditor claims, execution, attachment, and bankruptcy proceedings.