Addresses benefits and contributions for new members of the public employees' retirement system, the teachers' retirement system, and the school employees' retirement system.

Requires the select committee on pension policy to study: (1) With the assistance of the department of labor and industries, the issue of risk classifications of employees in the state retirement systems that entail either high degrees of physical or psychological risk to the members' own safety or unusually high physical requirements that result in elevated risks of injury or disablement for older employees; and

(2) With the assistance of the office of the superintendent of public instruction, existing early retirement factors and job requirements that may limit the effectiveness of the older classroom employee.