All of the assets, proceeds, and income of the Alabama Retired State Employees’ Health Care Trust and the Alabama Retired Education Employees’ Health Care Trust, or any successor or assignee of the trust, and all contributions and payments made to the trustees of the trusts, shall be held, invested as authorized by law, and disbursed for the exclusive purposes of providing for administrative expenses of the respective trust and health care benefits under the management of the trustees of the respective trust in accordance with the terms of its trust agreement. None of the assets, proceeds, income, contributions, or payments shall be used, loaned, encumbered, or diverted to or for any other purpose whatsoever, except, that (a) a trust may be terminated, if the State has no obligation to provide post- employment health care benefits for which the trust was established to such persons, and, in that event, the remaining assets of the trust shall revert to the State Treasury to and for the credit of the State Employees’ Insurance Board, the Public Education Employees’ Health Insurance Board, or its successor or assign, as the case may be, related to the terminated trust or (b) if in response to a petition of the trustees of a trust requesting that the respective trust agreement be amended, a court of competent jurisdiction determines that the amendment proposed by the trustees is necessary or otherwise advisable to accomplish one or more purposes of the act authorizing and directing the creation of the trusts.
Structure Alabama constitution