California Education Code

§ 22954

EDC § 22954 Effective Jan 1, 2026Div. 1 · Title 1 · Part 13 · Ch. 16

Statute text

(a)Notwithstanding Section 13340 of the Government Code, a continuous appropriation is hereby annually made from the General Fund to the Controller, pursuant to this section, for transfer to the Supplemental Benefit Maintenance Account in the Teachers’ Retirement Fund.

(b)Except as reduced pursuant to subdivision (c), the total amount of the appropriation for each year shall be equal to 2.5 percent of the total of the creditable compensation of the fiscal year ending in the immediately preceding calendar year upon which members’ contributions are based for purposes of funding the supplemental payments authorized by Section 24415, as reported annually to the Director of Finance, the Chairperson of the Joint Legislative Budget Committee, and the Legislative Analyst pursuant to Section 22955.5.

(c)Beginning with the 2008–09 fiscal year, the appropriation in subdivision (b) shall be reduced in accordance with the following schedule: 2008–09$66,386,0002009–10$70,000,0002010–11$71,000,0002011–12 and each fiscal year thereafter$72,000,000(d) Transfers made to the Supplemental Benefit Maintenance Account, pursuant to subdivision (a), shall be made on October 15 and April 15 of each fiscal year with each payment to be 50 percent of the annual appropriation. If either date falls on a weekend or holiday, the funds shall be transferred the next business day.

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Legislative history

Amended by Stats. 2025, Ch. 239, Sec. 5. (SB 853) Effective January 1, 2026.