(a) In addition to the appropriation required pursuant to Section 22955.1, the Legislature hereby appropriates the amount identified for appropriation pursuant to subclause (IV) of clause (ii) of subparagraph (B) of paragraph (1) of subdivision (c) of Section 20 of Article XVI of the California Constitution equivalent to the amount described in paragraph (3) of subdivision (d) of Section 35.50 of the annual Budget Act to supplement the state’s appropriation to the Teachers’ Retirement Fund, consistent with the requirements of this section and at the direction of the Department of Finance. The Department of Finance shall provide to the Controller a schedule establishing the timing of specific transfers to be used for these purposes.
(b) The supplemental payment described in this section is for the state’s unfunded actuarial obligation determined pursuant to Section 22955.1 and is in excess of the current appropriation. Therefore, any amount transferred to a fund identified in subdivision (a) constitutes an obligation pursuant to subclause (IV) of clause (ii) of subparagraph (B) of paragraph (1) of subdivision (c) of Section 20 of Article XVI of the California Constitution.
(Added by Stats. 2019, Ch. 33, Sec. 2. (SB 90) Effective June 27, 2019.)