(a) The California Employers’ Pension Prefunding Trust Fund is hereby established as a special trust fund in the State Treasury for the purpose of allowing state and local public agency employers that provide a defined benefit pension plan to their employees to prefund their required pension contributions. Notwithstanding Section 13340, all moneys in the California Employers’ Pension Prefunding Trust Fund are continuously appropriated to the board without regard to fiscal years to carry out the purpose of this chapter, consistent with the board’s fiduciary duty.
(b) The board shall have the sole and exclusive control of the administration and investment of the California Employers’ Pension Prefunding Trust Fund and shall have the authority to make investments pursuant to Part 3 (commencing with Section 20000).
(c) Income, of whatever nature, earned on the California Employers’ Pension Prefunding Trust Fund, shall be credited to the fund.
(d) Notwithstanding subdivision (b), the board shall offer participating employers investment options for funds in the California Employers’ Pension Prefunding Trust Fund consisting of cost-effective, diversified investment portfolios that do not exceed the risk and return profiles of the investment options available for the investment of funds in the Annuitants’ Health Care Coverage Fund, administratively referred to as the California Employers’ Retiree Benefit Trust Fund, established pursuant to Section 22940.