Public Employees' Retirement System: replacement benefits plan.

Existing law requires the Board of Administration of the Public Employees' Retirement System to establish a plan of replacement benefits for members and their survivors or beneficiaries whose retirement benefits are limited by specified federal law. Existing law requires an agency participating in this replacement benefit plan to deposit its contributions as the board directs into the Replacement Benefit Custodial Fund, which is continuously appropriated to carry out purposes related to the plan of replacement benefits. Existing law establishes in the treasury of each county the county school service fund, for use by the county superintendent of schools to pay all the charges against the fund and to provide for additional apportionments to school districts or community districts under his or her jurisdiction for various expenses. This bill would authorize a county superintendent of schools, on an annual basis or as otherwise directed by the board, for the purpose of paying necessary contributions to the replacement benefit plan, to draw requisitions against the county school service fund and the funds of the respective school districts or other local educational agencies in amounts equal to the total of the contributions required to be paid pursuant to replacement benefit plan provisions. By authorizing the use of new amounts for payment into a continuously appropriated fund, this bill would make an appropriation.