H.B. No. 2688 amends the public retirement systems for firefighters and police officers in municipalities with populations of at least 2,000,000, updating the definition of "normal retirement age." Members can now retire after 20 years of service or at age 50 with at least 10 years of service, replacing the previous requirement that the sum of age and years of service equals at least 70. The bill also introduces a new actuarial cost method for calculating contributions and benefits, modifies the eligibility criteria for the Deferred Retirement Option Plan (DROP) to allow participation for up to 15 years instead of 13, and establishes a pension benefits committee to handle benefit applications.

Additionally, the bill amends Article 6243g-4 of the Revised Statutes, specifically Section 9A(a) and Section 14(b). In Section 9A(a), it mandates a risk-sharing valuation study by the pension system and the city’s actuaries, replacing "ultimate entry age normal actuarial" with "cost" in actuarial methods. It also introduces provisions for amortization of liability layers and caps the assumed rate of return at seven percent per annum. In Section 14(b), the bill removes the requirement for members to have been hired before October 9, 2004, allowing any active member who has reached normal retirement age to participate in DROP. The bill is set to take effect on September 1, 2025, and will take precedence over conflicting legislation from the 89th Legislature.