RELATING TO VOLUNTARY EMPLOYEES' BENEFICIARY ASSOCIATION TRUSTS.

Authorizes and sets forth the requirements for the establishment of a voluntary employees' beneficiary association trust by public employee organizations to provide health benefits for its members, including retirees, who would be exempted from participation in the State health benefits trust fund.

RELATING TO THE EMPLOYEES' RETIREMENT SYSTEM.

Converts all new members of collective bargaining unit 5, teachers and other personnel of the department of education under the same pay schedule, including part-time employees working less than twenty hours a week who are equal to one-half of a full-time equivalent, to class A contributory members of the Employees' Retirement System. Allows existing members the opportunity to convert from class C to class A.

RELATING TO THE RETIREMENT ALLOWANCE FOR PRINCIPALS AND VICE PRINCIPALS.

Provides for an increased retirement allowance under the "employees retirement system" for persons who serve as principals and vice principals in public schools; allows current members to receive an increased allowance without making additional contributions if the member serves for at least five years after the effective date of this Act as a principal or vice principal.