Replaces the chairman of the House Committee on Retirement with a member of the House Committee on Retirement appointed by the speaker of the House of Representatives as trustee on each state and statewide retirement system board (EN NO IMPACT APV)
Requires the Municipal Employees' Retirement System to establish rules and regulations governing certain procedures relative to the election of trustees to the system board (EG NO IMPACT APV)
Establishes a funding deposit account for the Firefighters' Retirement System and authorizes the board of trustees of the system to modify required employer contribution rates in certain circumstances and within certain limits in order to fund the account (EN NO IMPACT APV)
Requires certain amortization periods for certain state retirement system debts and authorizes reamortization of certain debts in certain circumstances
Provides for payment of cost-of-living adjustments (COLAs) to retirees and beneficiaries of state retirement systems without legislative approval in certain circumstances (OR INCREASE APV)