(a)
There is in the State Treasury a trust fund to be known as the Teachers’ Replacement Benefits Program Fund. There shall be deposited directly in that fund, and not transferred from the Teachers’ Retirement Fund, that portion of employer contributions determined by the board as necessary to fund the replacement benefits program.
(b)
Notwithstanding Section 13340 of the Government Code, moneys in the Teachers’ Replacement Benefits Program Fund are continuously appropriated without regard to fiscal years to pay benefits to members and beneficiaries of the Defined Benefit Program, and to pay related administrative expenses.
(c)
The board may authorize the transfer and disbursement of funds from the Teachers’ Replacement Benefits Program Fund for the purpose of carrying into effect this chapter upon the signature of either or both of its chairperson and vice chairperson or the chief executive officer or any employee of the system designated by the chief executive officer.
(d)
Disbursements of money from the Teachers’ Replacement Benefits Program Fund of whatever nature shall be made upon claims duly audited in the manner prescribed for the disbursement of other public funds except that, notwithstanding the foregoing, disbursements may be made to return funds deposited in the fund in error.