SB187 Summary

• Creates 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 beneficiaries.

• Establishes funding sources as investment income, gifts, grants, contributions, and legislatively-directed revenue sources, with explicit prohibition on using State General Fund revenues.

• Grants the Board of Control broad powers to adopt rules, execute contracts, hire advisors, and invest trust assets in permitted investments while ensuring trustees serve without compensation.

• Provides trustees with liability immunity and indemnification protections, and exempts all trust assets and income from state taxation and creditor claims.

• Requires annual financial statements and independent audits prepared under generally accepted governmental accounting principles, with transfers to the retirement system contingent on actuarial certification of sufficient assets.