Retirement: public school employees; defined benefit plan and retiree health for new hires and election option for current employees; provide for. Amends secs. 4, 5, 43a, 81d & 91a of 1980 PA 300 (MCL 38.1304 et seq.) & adds secs. 69h, 81e & 81f.

This bill modifies Michigan's public school employee retirement system by establishing different contribution rules for new hires and altering how current employees can manage their benefits. For those who joined after February 1, 2018, the system sets a separate employer contribution rate where both the employer and employee split the cost of unfunded liabilities equally, and it restricts how these costs are amortized over time. Additionally, the law allows current employees to purchase up to five years of additional service credit if they have at least ten years of prior service, provided they pay the full actuarial cost. The legislation also changes eligibility requirements for early retirement for newer members and introduces a mechanism to automatically increase the regular retirement age if mortality studies show people are living longer.