Provides TPAF members and certain retirees same benefits provided to members enrolled in retirement system before July 1, 2007.

This bill updates New Jersey's Teachers' Pension and Annuity Fund (TPAF) to provide current non-retired members and those applying for retirement after the bill's effective date with the same benefits as members enrolled before July 1, 2007. It eliminates tiered membership by moving all current TPAF members to Tier 1, requires public employers to enroll eligible employees (earning above minimum salary but not meeting hour requirements) in TPAF, and allows Defined Contribution Retirement Program participants to transfer service credit to TPAF without transferring contributions. Participants in the Defined Contribution Retirement Program have six months to opt out of the transfer after receiving notice. These changes apply only to retirement applications processed after the bill becomes law.