The bill amends the retirement procedures for teachers and municipal employees, specifically addressing eligibility criteria and retirement benefits. Key insertions include a new minimum retirement age of sixty-two for teachers who became eligible to retire on or after October 1, 2009, and provisions for those with contributory service after July 1, 2012, allowing retirement after five years of service and reaching Social Security retirement age. The bill also introduces a proportional adjustment of the retirement age based on service credit, ensuring no teacher's retirement age is set below fifty-nine. Additionally, it establishes a uniform reduction of 3% for the first five years preceding retirement, replacing the previous cumulative reductions of 9%, 8%, and 7%.

Significant deletions include the removal of the previous cumulative annual and monthly reductions for early retirement, which have been standardized to a 3% reduction annually and 0.25% monthly. The bill also emphasizes the importance of transparency, requiring members to disclose their participation in other retirement systems and imposing penalties for false statements regarding service time or credit. Overall, the bill aims to create a more equitable and streamlined retirement process for teachers and municipal employees, ensuring that their benefits are protected while accommodating varying lengths of service and age requirements.