Pursuant to terms and conditions established by the board, an employer may request a disbursement of funds from its account in the California Employers’ Pension Prefunding Trust Fund, as set forth in Section 21711, and transfer those funds directly into the Public Employees’ Retirement Fund, as set forth in Section 20170. The board shall certify to the Controller the total amount to be transferred and the Controller shall transfer that amount from the California Employers’ Pension Prefunding Trust Fund to the Public Employees’ Retirement Fund.