(a) (1) In addition to the appropriation required pursuant to Section 20814, the Legislature hereby appropriates one billion six hundred fifty-seven million dollars ($1,657,000,000) from the General Fund, for the purposes described in subclause (IV) of clause (ii) of subparagraph (B) of paragraph (1) of subdivision (c) of § 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 2023. 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:

Terms Used In California Government Code 20825.16

  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • State: means the State of California, unless applied to the different parts of the United States. See California Government Code 18
  • Subdivision: means a subdivision of the section in which the term occurs unless some other section is expressly mentioned. See California Government Code 10

(A) Seven hundred sixty-nine million six hundred twenty thousand dollars ($769,620,000) to the state miscellaneous member category.

(B) Forty-four million five hundred thousand dollars ($44,500,000) to the state industrial member category.

(C) Ninety-nine million nine hundred twenty-four thousand dollars ($99,924,000) to the state safety member category.

(D) Seven hundred forty-two million nine hundred fifty-six thousand dollars ($742,956,000) to the state peace officer/firefighter member category.

(b) The appropriation made 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) that are in excess of the base amounts for the 2023-24 fiscal year.

(Added by Stats. 2023, Ch. 39, Sec. 18. (AB 130) Effective July 10, 2023.)

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