Sec. 23. (a) For purposes of this chapter, the following amounts are appropriated for each biennium:
(1) From the state general fund, the amount required to actuarially fund participants' retirement benefits, as determined by the board on recommendation of an actuary.
(2) From the fund, the amount required for administration purposes.
(b) The biennial appropriations provided in this section shall be credited to the board annually in equal installments in the month of July of each year of the biennium.