PERS; create a fifth tier, and terminate SLRP, for employees hired on or after March 1, 2026.

Creates a new retirement tier for employees becoming members of the system on or after March 1, 2026, who receive both a traditional defined benefit and a defined contribution plan.

Changes retirement age requirements for new tier members: age 62 with 8 years of service, or any age with 35 years of service.

Eliminates the Supplemental Legislative Retirement Plan for legislators elected on or after March 1, 2026, consolidating them into the main PERS system.

New tier members must contribute 9% of earned compensation (4% to defined benefit, 5% to personal defined contribution account), with employers potentially contributing up to the federal maximum pretax amount.

Redefines 'average compensation' for new tier members to use the average of the eight highest consecutive years of earned compensation (or last 96 consecutive months) instead of the previous four years.

New tier members cannot receive partial lump-sum distributions and cannot repay refunds to receive creditable service for service rendered before March 1, 2026.

New tier members must vest immediately in the defined contribution plan and direct their investments into board-approved investment options.

Changes the effective date for the new tier from July 1, 2025 to March 1, 2026, and removes the ability to purchase retroactive service credit for service before that date.