Provides PERS members and certain retirees same benefits provided to members enrolled in retirement system before July 1, 2007.

This bill (S 3997) restructures New Jersey's Public Employees' Retirement System (PERS) by eliminating membership tiers and granting current non-retired PERS members and certain retirees the same benefits available to members who joined before July 1, 2007. It requires public employers to enroll eligible employees (meeting salary but not hour requirements) into PERS within 60 days, and automatically transfers service credit from the Defined Contribution Retirement Program (DCRP) to PERS for DCRP participants - without transferring their contributions - unless they opt out within six months. Disabled PERS members receiving long-term disability insurance become eligible for disability retirement benefits within two years. These changes apply only to members processing retirement applications after the bill's effective date.