Section 22950 - Employer's monthly contribution; deposit in Teachers' Retirement Fund; deposit in Teachers' Health Benefits Fund(a) Employers shall contribute monthly to the system 8 percent of the creditable compensation upon which members' contributions under this part are based.(b) From the contributions required under subdivision (a), there shall be deposited in the Teachers' 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 Teachers' Retirement Fund pursuant to subdivision (b) shall be deposited directly into the Teachers' Health Benefits Fund, as established in Section 25930, and shall not be deposited into or transferred from the Teachers' Retirement Fund.(d)(1) Notwithstanding subdivisions (b) and (c), there may be deposited into the Teachers' 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 Teachers' Retirement Program Development Fund, minus the subsequent transfer of funds, with interest, into the Teachers' 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 member's contributions to the Defined Benefit Program are based.(3) The deposits described in this subdivision shall not be deposited into, or transferred from, the Teachers' Retirement Fund.Amended by Stats 2015 ch 123 (AB 991),s 15, eff. 1/1/2016.Amended by Stats 2007 ch 130 (AB 299),s 55, eff. 1/1/2008.Amended by Stats 2006 ch 780 (AB 2462),s 2, eff. 1/1/2007.Amended by Stats 2000 ch 1032 (SB 1435), s 1, eff. 1/1/2001.Amended by Stats 2001 ch 159 (SB 662), s 60, eff. 1/1/2002.