The bill amends Section 36-9-31 of the General Laws regarding the retirement system's membership and service credits. It introduces new provisions allowing active members of the retirement system who are police officers or firefighters and have served in the National Guard or reserves to purchase creditable service. Specifically, these members can convert five years of guard or reserve service into one year of creditable service, with a maximum of four years, provided they have received an honorable discharge. Additionally, it ensures that police officers or firefighters on an official leave of absence for illness or injury can still purchase military credits during their leave.

The bill also maintains existing provisions for active members who have served in the armed services or Merchant Marine, allowing them to purchase up to four years of service credit under similar honorable discharge conditions. The cost for purchasing these credits remains at ten percent of the member's first year’s earnings, and there are stipulations regarding interest charges based on the timing of the purchase. The act is set to take effect upon passage.