Relating to public employee retirement.

Directs participating public employers in Public Employees Retirement System to make employer contributions to individual account program, or cash payments, of one percent of member's salary during certain periods, depending on funded status of system. Directs Public Employees Retirement Board to make cash payments of one percent of retired member's final average salary to retired member or beneficiary during certain periods, depending on funded status of system. Directs board to adopt rules establishing method for recovering payments from participating public employers.