This bill mandates the transfer of certain participants from the Defined Contribution Retirement Program (DCRP) to the Public Employees Retirement System (PERS). Specifically, it applies to employees of school districts or boards of education hired after the bill's effective date who earn above a specified minimum salary and work more than 20 hours per week but do not meet the minimum work hours eligibility for PERS. These employees will be enrolled in PERS and will receive benefits equivalent to those who joined the system after July 1, 2011. Additionally, current DCRP participants will be transitioned to PERS within 180 days of the bill's effective date, with service credit granted for their time in the DCRP.

The bill also stipulates that any service credit transferred from the DCRP to PERS will count towards eligibility for various retirement and health benefits but will not affect the calculation of pension benefits. The actuary for PERS is tasked with determining the unfunded accrued liability resulting from this transfer, which the State will cover through a one-time payment. Furthermore, the bill outlines the process for transferring the value of the employees' accounts from the DCRP to PERS, ensuring compliance with federal regulations. If the transfer of funds is feasible, employees will receive full service credit; otherwise, they will not receive full credit for pension calculations.