(a) (1) In addition to the appropriation required pursuant to Section 20814, the Legislature hereby appropriates two billion five hundred million dollars ($2,500,000,000) 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 purposes.
(2) The supplemental payment to the Public Employees’ Retirement Fund described in paragraph (1) shall be apportioned to the following state employee member categories, as directed by the Department of Finance, not to exceed the following amounts:
(A) Eight hundred forty-eight million fifty-seven thousand dollars ($848,057,000) to the state miscellaneous member category.
(B) Eighty-two million nine hundred thirty thousand dollars ($82,930,000) to the state industrial member category.
(C) One hundred eighty-four million four hundred twenty-seven thousand dollars ($184,427,000) to the state safety member category.
(D) One billion three hundred eighty-four million five hundred eighty-six thousand dollars ($1,384,586,000) to the state peace officer/firefighter member category.
(b) The supplemental payments to the Public Employees’ Retirement Fund described in paragraph (1) of subdivision (a) shall be applied to the unfunded state liabilities for the state employee member categories described in paragraph (2) of subdivision (a).
(c) Notwithstanding any other law, in accordance with a schedule provided by the Department of Finance, the Controller shall transfer, in aggregate, up to two billion five hundred million dollars ($2,500,000,000) to the General Fund over the 2020–21 and 2021–22 fiscal years from other funds and accounts that are required by law to fund the state’s employer contribution to the Public Employees’ Retirement Fund. The schedule provided by the Department of Finance shall specify the timing and amounts of transfers to the General Fund, after evaluation of each fund’s share of costs and its fund availability.
(Amended by Stats. 2020, Ch. 16, Sec. 6. (AB 84) Effective June 29, 2020.)