Pensions and Retirement Benefits - As enacted, revises the methods by which a local government employer wishing to participate in TCRS must pay the estimated increased pension liability created by a benefit improvement; requires the state to pay the estimated increased pension liability resulting from a benefit improvement affecting general employees or employees at institutions of higher education participating in the retirement system by amortizing the unfunded accrued liability over a period of time not to exceed 10 years from the date that the benefit improvement is established. - Amends TCA Title 8, Chapter 34; Title 8, Chapter 35; Title 8, Chapter 36 and Title 8, Chapter 37.