Current law specifies that on July 1, 2018, and on July 1 each year thereafter until there are no unfunded actuarial accrued liabilities of any division of the public employees' retirement association (PERA) that receives the direct distribution, the state treasurer is required to issue a warrant to PERA in an amount equal to $225 million from the general fund or any other fund. The act specifies that the state treasurer shall not issue the warrant to PERA for the 2020-21 state fiscal year.
The act reduces the figures included in the annual general appropriation act for the 2020-21 state fiscal year for informational purposes to the department of the treasury for the direct distribution. The act also reduces appropriations made to various state agencies in the annual general appropriation act for the 2020-21 state fiscal year for the direct distribution.
(Note: This summary applies to this bill as enacted.)