PERS; require any terminated plan to pay net pension liability to board in a lump sum before termination.

Changed the liability calculation terminology from 'unfunded actuarial accrued liability' to 'net pension liability' for terminated plans, which may affect how the amount owed is calculated.

Updated the effective date language to clarify that payments are due as of June 30, 2025 or the date of termination, whichever is greater.

Added new provisions in Section 1(k) regarding retroactive service credit for political subdivisions that joined the retirement system after 2007, allowing employees to receive credit for prior service if they pay required contributions with interest.

Added new subsections requiring political subdivisions to reimburse the board for administrative expenses and clarifying the board's authority to deny membership to part-time employees.

Reorganized the statute's structure and formatting, moving some provisions and adding new sections about termination of membership and effective dates.