There is nothing in AB114 that would compel districts to hire back teachers currently laid off. If you are a currently employed teacher, you cannot be laid off this year. This is NOT because of the heralded 15 March/15 May process, but because AB114 closed the late window that allows teacher layoffs over the summer given falling school budgets and a completed state budget.
AB114 does require districts to budget for the year as if revenues will meet (very optimistic) projections. So if a district has teachers currently laid off, based on budget decisions made using a low-end estimate, they could (hey, should even) rescind layoffs. But they are not required to do so and I would suspect recissions will not begin until very close to the beginning of the school year, if at all.