Provides for retirement benefits at earlier ages in the plans 2 and 3 of the public employees' retirement system, the teachers' retirement system, and the school employees' retirement system. This act provides that any member who is at least age fifty-five and has completed at least five service credit years, and for whom the sum of the number of years of the member's age and the number of years of the member's service credit equals eighty-five or more, will be eligible to retire and receive a retirement allowance. This act takes effect July 1, 2011.   Official Text and Analysis.