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 current non-retired TPAF members receive the same benefits as Tier 1 members, and it requires public employers to enroll employees who meet the salary criteria but not the minimum work hours into TPAF. Employers must complete 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. However, the transferred service credit will not be used to calculate pension benefits. The bill also allows TPAF members receiving long-term disability insurance to apply for disability retirement within two years of the bill's enactment. Changes to retirement benefits will only apply to members who process their retirement applications after the bill takes effect.