California Code, Government Code - GOV § 31820

(1) An amount which is equal to one-half of the actuarial equivalent of the benefits for which the association is liable because of such injury or death;  or

(2) An amount which is equal to one-half of the remaining balance of the amount recovered after allowance of that amount which the employer or its insurance carrier have paid or become obligated to pay.  The right shall be determined under the subrogation provisions of any workmen's compensation law.