The Legislature hereby appropriates nine hundred four million dollars ($904,000,000) from the General Fund for the 2018–19 fiscal year 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. The Department of Finance shall provide the Controller a schedule establishing the timing of specific transfers to be used for these payments. The payment to the Public Employees’ Retirement Fund shall be apportioned as follows:
(a)One hundred forty four million dollars ($144,000,000) to pay in advance, on behalf of school employers, part of the contributions required by school employers pursuant to this part for the 2019–20 fiscal year.
(b)Four hundred thirty million dollars ($430,000,000) to pay
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The Legislature hereby appropriates nine hundred four million dollars ($904,000,000) from the General Fund for the 2018–19 fiscal year 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. The Department of Finance shall provide the Controller a schedule establishing the timing of specific transfers to be used for these payments. The payment to the Public Employees’ Retirement Fund shall be apportioned as follows:
(a)
One hundred forty four million dollars ($144,000,000) to pay in advance, on behalf of school employers, part of the contributions required by school employers pursuant to this part for the 2019–20 fiscal year.
(b)
Four hundred thirty million dollars ($430,000,000) to pay in advance, on behalf of school employers, part of the contributions required from school employers pursuant to this part for the 2020–21 fiscal year.
(c)
Three hundred thirty million dollars ($330,000,000) to pay in advance, on behalf of school employers, part of the contributions required from school employers pursuant to this part for the 2021–22 fiscal year.
(d)
Any payments made pursuant to this section shall not discharge the school employers for any remaining amounts due and payable pursuant to this part.