California Government Code

§ 20825.14

GOV § 20825.14 Effective Jan 1, 2024Div. 5 · Title 2 · Part 3 · Ch. 9

Statute text

(a)(1) In addition to the appropriation required pursuant to Section 20814, the Legislature hereby appropriates two billion nine hundred twenty-five million dollars ($2,925,000,000) from the General Fund, for the purposes described in subclause (IV) of clause (ii) of subparagraph (B) of paragraph (1) of subdivision (c) of Section 20 of Article XVI of the California Constitution to supplement the state’s appropriation to the Public Employees’ Retirement Fund. The appropriation made by this section represents a portion of the amount identified in paragraph (3) of subdivision (d) of Section 35.50 of the Budget Act of 2022. The appropriation shall be 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 as described in subdivision (b).

(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)One billion three hundred thirty-three million nine hundred fifty-eight thousand dollars ($1,333,958,000) to the state miscellaneous member category.

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Legislative history

Amended by Stats. 2023, Ch. 131, Sec. 82. (AB 1754) Effective January 1, 2024.