(a) Employers shall contribute monthly to the system 8 percent of the creditable compensation upon which membersâ contributions under this part are based. (b) From the contributions required under subdivision (a), there shall be deposited in the Teachersâ Retirement Fund an amount, determined by the board, that is not less than the amount, determined in an actuarial valuation of the Defined Benefit Program pursuant to Section 22311.5, necessary to finance the liabilities associated with the benefits of the Defined Benefit Program over the funding period adopted by the board, after taking into account the contributions made pursuant to Sections 22901, 22901.7, 22950.5, 22951, 22955, and 22955.1. (c) The amount of contributions required under subdivision (a) that is not deposited in the Teachersâ Retirement Fund pursuant to subdivision (b) shall be deposited directly into the Teachersâ Health Benefits Fund, as established in Section 25930, and shall not be deposited into or transferred from the Teachersâ Retirement Fund. (d) (1) Notwithstanding subdivisions (b) and (c), there may be deposited into the Teachersâ Retirement Program Development Fund, as established in Section 22307.5, from the contributions required under subdivision (a), an amount determined by the board, not to exceed the limit specified in paragraph (2). (2) The balance of deposits into the Teachersâ Retirement Program Development Fund, minus the subsequent transfer of funds, with interest, into the Teachersâ Retirement Fund pursuant to subdivision (e) of Section 22307.5, shall not exceed 0.01 percent of the total of the creditable compensation of the fiscal year ending in the immediately preceding calendar year upon which memberâs contributions to the Defined Benefit Program are based. (3) The deposits described in this subdivision shall not be deposited into, or transferred from, the Teachersâ Retirement Fund.
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