S.B. No. 2345 seeks to amend the retirement systems for firefighters in certain Texas municipalities by updating the eligibility criteria for the Firefighters Relief and Retirement Fund, specifically increasing the population threshold for participating cities from 450,000 to 950,000. The bill introduces new definitions to enhance clarity, modifies the board of trustees' composition by increasing firefighter and retiree representatives from three to four, and adds a public member with specific qualifications. It also establishes a four-year term for board members, outlines the election process, and mandates regular board meetings and experience studies to improve governance and transparency.

Additionally, the bill enhances retirement benefits for firefighters by allowing military service credit, establishing a Deferred Retirement Option Plan (DROP), and introducing annual cost-of-living adjustments for certain members and their survivors. It specifies contribution rates for firefighters and municipalities, mandates risk-sharing valuation studies, and clarifies the management of contributions to ensure compliance with federal regulations. The bill also streamlines governance processes by changing the title of "administrator" to "executive director" and clarifying election procedures for board members. Overall, these amendments aim to improve the financial security and operational efficiency of the retirement system for firefighters and their families.