California Education Code

§ 22950

EDC § 22950 Effective Jan 1, 2016Div. 1 · Title 1 · Part 13 · Ch. 16

Statute text

(a)Employers shall contribute monthly to the system 8 percent of the creditable compensation upon which members’ contributions under this part are based.

(b)From the contributions required under subdivision (a), there shall be deposited in the Teachers’ Retirement Fund an amount, determined by the board, that is not less than the amount, determined in an actuarial valuation of the Defined Benefit Program pursuant to Section 22311.5, necessary to finance the liabilities associated with the benefits of the Defined Benefit Program over the funding period adopted by the board, after taking into account the contributions made pursuant to Sections 22901, 22901.7, 22950.5, 22951, 22955, and 22955.1.

(c)The amount of contributions required under subdivision (a) that is not deposited in the Teachers’ Retirement Fund pursuant to subdivision (b) shall be deposited directly into the Teachers’ Health Benefits Fund, as established in Section 25930, and shall not be deposited into or transferred from the Teachers’ Retirement Fund.

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Legislative history

Amended by Stats. 2015, Ch. 123, Sec. 15. (AB 991) Effective January 1, 2016.