(1) Allows former contributory plan members whose accumulated contribution balances are more than $1,000 to leave their contributions in the ERS until they reach the age of 62;

(2) Requires the filing of accidental and ordinary death benefit claims within three years of a member's death;

(3) Allows former employees with vested contributory plan rights to withdraw their contributions at any time;

(4) Allows the Board of Trustees of the ERS to use limited liability companies as an investment vehicle;

(5) Establishes a deadline for employer contributions and requires payment of interest by the employer on late contributions for members who are called to active military duty;

(6) Clarifies that ordinary death benefits are payable to a beneficiary if a member with vested status dies before the member is eligible to retire while on active military duty;

(7) Gives members who are out of state on active military duty additional time to make the Hybrid Plan election;

(8) Eliminates the June 30, 2006, deadline by which members must claim noncontributory plan membership service for such service to be eligible for conversion to the Hybrid Plan membership service since no ruling has yet been received from the Internal Revenue Service;

(9) Clarifies selection and irrevocability of beneficiary designations under survivor retirement options;

(10) Clarifies that the computation of non-tax qualified benefits for highly compensated individuals includes the member's class of service as of June 30, 2004; and

(11) Amends and adds various definitions for consistency and conformity.