(a) The Old Age and Survivors’ Insurance Revolving Fund is continued in existence. Notwithstanding Section 13340, all money in the fund is appropriated without regard to fiscal years to the board to carry out the provisions of paragraphs (2) to (5), inclusive, of Section 22601.
(b) The moneys in the fund and the charges, assessments, penalties, and interest collected and deposited in the fund, pursuant to Sections 22551, 22552, and 22560, shall only be expended by the board upon appropriation by the Legislature and for administrative purposes as authorized in paragraph (1) of Section 22601.
(c) In any fiscal year, if the cumulative revenue maintained or held in the Old Age and Survivors’ Insurance Revolving Fund pursuant to subdivision (b) exceeds 100 percent of program expenditures, as appropriated by the Legislature, the board shall submit revised charges or assessments for approval by the Department of Finance to ensure the charges or assessments do not result in excess fund reserve levels.
(Amended by Stats. 2019, Ch. 24, Sec. 22. (SB 83) Effective June 27, 2019.)