Authorizes the following, at the time of retirement, to purchase an optional actuarially equivalent life annuity benefit from: (1) The public employees' retirement system plan 1 fund;

(2) The public employees' retirement system combined plan 2 and plan 3 fund;

(3) The public safety employees' retirement system plan 2 fund; or

(4) The school employees' retirement system combined plan 2 and 3 fund, as appropriate.