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 will be automatically 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 the option to transfer their years of service credit to PERS, although this credit will not be used to calculate pension benefits.

The bill also allows members of PERS receiving long-term disability insurance to apply for disability retirement within two years of the bill's enactment. Changes to retirement benefits, including early retirement and service retirement, 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 and enhance eligibility for various retirement options for public employees in New Jersey.