The Legislature recognizes that the assets of the State Teachers' Retirement Plan with respect to the Defined Benefit Program are insufficient to meet the obligations of that program already accrued or to accrue in the future with respect to service credited to members of that program prior to July 1, 1972. Therefore, the Legislature declares the following policies with respect to the financing of the Defined Benefit Program of the State Teachers' Retirement Plan:
(a) Members shall contribute a percentage of creditable compensation, unless otherwise specified in this part.
(b) Employers shall contribute a percentage of the total creditable compensation on which member contributions are based.
(c) The state shall contribute a sum certain for a given number of years for the purpose of payment of benefits under this part.
(Amended by Stats. 1998, Ch. 965, Sec. 1.)