(a) Any trust created under this part shall be an irrevocable trust and the assets thereof shall be preserved, invested and expended solely pursuant to and for the purposes of this part and shall not be loaned or otherwise transferred or used for any other purpose. The assets of the trust or trusts shall be expended solely to:
(1) Make payments for other post-employment benefits pursuant to and in accordance with terms of the state's post-employment benefit plans;
(2) Make payments for other post-employment benefits pursuant to and in accordance with the terms of certain local education agencies' post-employment benefits plans, at the discretion of and subject to requirements established by the trustees; and
(3) Pay the cost of administering the trust.
(b) The state treasurer shall administer any trust created under this part. The attorney general and reporter shall approve the terms of any trust created under this part.
(c) Any investment trust so created shall have the powers, privileges and immunities of a corporation; and all of its business shall be transacted, all of its funds invested, and all of its cash and securities and other property held in trust for the purpose for which received.
(d) Notwithstanding any law to the contrary, all assets, income and distributions of the investment trust shall be protected against the claims of creditors of the state, plan administrators, and plan participants, and shall not be subject to execution, attachment, garnishment, the operation of bankruptcy, the insolvency laws or other process whatsoever, nor shall any assignment thereof be enforceable in any court.
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