Relating to the public retirement systems of certain municipalities.

Updated the definition of 'entry age normal actuarial cost method' to clarify how contribution rates are calculated for retirement benefits.

Updated normal retirement age definitions for police officers, adjusting calculations for members hired before October 9, 2004, and those hired after that date.

Modified normal retirement age calculations for firefighters, particularly for those hired before 2017, to account for involuntary separation and reinstatement scenarios.

Changed DROP participation rules, limiting DROP participation to 15 years (previously 13 years) and adjusting how DROP benefits are credited to accounts.

Revised risk-sharing valuation study requirements for both firefighter and police pension systems, including assumptions for asset smoothing and liability amortization.

Added new effective date provisions specifying that changes apply to members retiring or terminating service on or after September 1, 2025.

Adjusted population thresholds from 1,600,000 to 2,000,000 for municipalities qualifying for firefighter pension funds.