Providing members of the teachers' retirement system plan 3 and school employees' retirement system plan 3 that were never offered a choice of plan 2 the opportunity to irrevocably transfer to plan 2 for future service.

SB 5718 allows certain teachers and school employees who joined retirement plan 3 between 1996-2007 (teachers) or 2000-2007 (school employees) to irrevocably transfer to plan 2 for future service, as they were never offered this choice when initially enrolling. Members must make the transfer during January after the bill's effective date and earn service credit for that month. The bill explicitly prohibits transfers for those already retired and reserves the legislature's right to modify or end this option. It also includes a provision to suspend transfers if federal tax guidance conflicts with the policy.