This bill allows law enforcement officers currently enrolled in the Public Employees' Retirement System (PERS) to transfer their membership to the Police and Firemen's Retirement System (PFRS). To do so, they must waive all rights and benefits from PERS, and they have 90 days from the effective date of the act to file the necessary forms. If they do not file a waiver, their pension status will remain unchanged. Additionally, the bill mandates that any law enforcement officer hired after the enactment of this bill must be enrolled in the PFRS.

The bill also outlines the financial responsibilities associated with the transfer. The Public Employees' Retirement System is required to remit accumulated deductions and a pro-rata share of the reserve fund to the PFRS within specified timeframes. The actuary of the PFRS will calculate the liability for each employer of the transferred employees, and if the remitted funds are insufficient to cover the credit for public service, the employee will be responsible for the difference. The Board of Trustees of the PFRS is authorized to create rules and regulations to implement the provisions of this act.