California § 20825.15. 20825.15. (Amended by Stats. 2020, Ch. 370, Sec. 152.)

California Statutes

§ 20825.15. — 20825.15. (Amended by Stats. 2020, Ch. 370, Sec. 152.)

California·Code GOV Government Code - GOV·Div. 5.·Title 2. DIVISION 5. PERSONNEL·Part 3. PART 3. PUBLIC EMPLOYEES' RETIREMENT SYSTEM·Ch. 9. CHAPTER 9. Employer Contributions

(a)In addition to the appropriation required pursuant to Section 20814, the Legislature hereby appropriates twenty-five million dollars ($25,000,000) from the Motor Vehicle Account for each of the 2019–20, 2020–21, 2021–22, and 2022–23 fiscal years to be transferred to the Public Employees’ Retirement Fund, consistent with the requirements of this section and at the direction of the Department of Finance. However, the payments in the 2021–22 and 2022–23 fiscal years shall be subject to the following conditions:

(1)If the projected state revenues at the 2021–22 May Revision to the Governor’s Budget are insufficient to fully fund existing statutory and constitutional obligations, existing fiscal policy, and the costs of providing the aforementioned supplemental pension payments, as s

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(a)
In addition to the appropriation required pursuant to Section 20814, the Legislature hereby appropriates twenty-five million dollars ($25,000,000) from the Motor Vehicle Account for each of the 2019–20, 2020–21, 2021–22, and 2022–23 fiscal years to be transferred to the Public Employees’ Retirement Fund, consistent with the requirements of this section and at the direction of the Department of Finance. However, the payments in the 2021–22 and 2022–23 fiscal years shall be subject to the following conditions:
(1)
If the projected state revenues at the 2021–22 May Revision to the Governor’s Budget are insufficient to fully fund existing statutory and constitutional obligations, existing fiscal policy, and the costs of providing the aforementioned supplemental
pension payments, as specified above, in the sole discretion of the Director of Finance, the twenty-five-million-dollar ($25,000,000) supplemental payment for the 2021–22 and 2022–23 fiscal years shall be deferred to the respective next fiscal years.
(2)
If the twenty-five-million-dollar ($25,000,000) supplemental payment in the 2021–22 fiscal year is made and projected state revenues at the 2022–23 May Revision to the Governor’s Budget are insufficient to fully fund existing statutory and constitutional obligations, existing fiscal policy, and the costs of providing the aforementioned supplemental pension payments, as specified above, in the sole discretion of the Director of Finance, the twenty-five-million-dollar ($25,000,000) supplemental payment for the 2022–23 fiscal year shall be deferred to the next fiscal year.
(b)
The Department of Finance shall provide the Controller a
schedule establishing the timing of specific transfers to be used for these purposes.
(c)
The supplemental payment to the Public Employees’ Retirement Fund described in subdivision (a) shall be apportioned to the state patrol member plan, and applied to the unfunded liabilities for the state patrol member plan.

California § 20825.15. (20825.15. (Amended by Stats. 2020, Ch. 370, Sec. 152.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.