The Legislature hereby appropriates nine hundred four million dollars ($904,000,000) from the General Fund for the 2018–19 fiscal year to be transferred to the Public Employees’ Retirement Fund, consistent with the requirements of this section and at the direction of the Department of Finance. The Department of Finance shall provide the Controller a schedule establishing the timing of specific transfers to be used for these payments. The payment to the Public Employees’ Retirement Fund shall be apportioned as follows:
(a) One hundred forty four million dollars ($144,000,000) to pay in advance, on behalf of school employers, part of the contributions required by school employers pursuant to this part for the 2019–20 fiscal year.
(b) One hundred million dollars ($100,000,000) to pay in advance, on behalf of school employers, part of the contributions required by school employers pursuant to this part for the 2020–21 fiscal year.
(c) Six hundred sixty million dollars ($660,000,000) shall be applied to the unfunded liabilities for the school employers whose assets and liabilities are merged pursuant to subdivision (a) of Section 20618.
(d) Any payments made pursuant to this section shall not discharge the school employers for any remaining amounts due and payable pursuant to this part.
(Added by Stats. 2019, Ch. 33, Sec. 4. (SB 90) Effective June 27, 2019.)
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