Public employees' retirement: service credit.

The Public Employees' Retirement Law provides a comprehensive set of rights and benefits for members of the Public Employees' Retirement System based upon age, service credit, and final compensation. That law establishes retirement formulas, known as the Second Tier, modified First Tier, and First Tier, that are applicable to specified members of the retirement system. Under that law, a member who elects to be subject to Second Tier benefits shall be paid his or her accumulated contributions plus interest, subject to specified conditions. Under that law, effective January 1, 2000, a member who received service credit subject to Second Tier benefits may elect to become subject to First Tier benefits and contribution rates. That law requires a member who elects to become subject to First Tier benefits to deposit accumulated contributions the member withdrew while he or she was subject to Second Tier benefits, plus interest, as specified. This bill would make technical, and nonsubstantive changes to these provisions.