This bill aims to align the benefits of current non-retired members of the Teachers Pension and Annuity Fund (TPAF) with those of members who enrolled before July 1, 2007, effectively removing the existing membership tiers. It mandates that all eligible public employees who earn above the minimum salary but do not meet the minimum work hours will be enrolled in TPAF, with employers required to process this enrollment within 60 days of the bill's enactment. Additionally, employees currently in the Defined Contribution Retirement Program (DCRP) will have their years of service credit automatically transferred to TPAF unless they opt out within six months of receiving notice of the transfer.

Furthermore, the bill allows TPAF members receiving long-term disability insurance to apply for disability retirement benefits within two years of the bill's enactment. It specifies that any changes to retirement benefits, including early retirement and maximum base salary, will only apply to members who begin processing their retirement applications after the bill takes effect. Overall, the legislation seeks to simplify the retirement benefits structure for TPAF members and enhance their eligibility for various retirement options.