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 public employees who earn above the minimum salary but do not meet the minimum work hours for eligibility 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 the option to transfer their years of service credit to TPAF, although this credit will not be used to calculate pension benefits.

The bill also stipulates that members of TPAF receiving long-term disability insurance will be eligible to apply for disability retirement within two years of the bill's enactment. 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 ensure equitable treatment across different membership tiers.