This bill aims to standardize benefits for members of the Public Employees Retirement System (PERS) by transferring all current non-retired members to the Tier 1 membership tier, which provides benefits equivalent to those received by members who enrolled before July 1, 2007. It mandates that public employees who earn above the minimum salary but do not meet the minimum work hours for eligibility must be enrolled in PERS, 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 PERS unless they opt out within six months of receiving notice of the transfer.

The bill also allows members of PERS receiving long-term disability insurance to apply for disability retirement benefits within two years of the bill's enactment. However, any years of service credit transferred from the DCRP to PERS will not be used to calculate pension benefits, and prior contributions to the DCRP will remain in that fund. Changes to retirement options and salary calculations will only apply to members who begin processing retirement applications after the bill takes effect.