Gov. Code, § 20825.16

(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 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 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:

(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.