Provides that members of PERS, TRS, and SERS who first establish membership after June 30, 2012, are ineligible for the alternative early retirement and enhanced early retirement options. A member with at least 20 years of service credit may retire early beginning at age 55, however the retirement allowance of a member choosing to do so will be subject to a reduction reflecting the full actuarial impact of early retirement. PERS, TRS, and SERS Plans 2 are closed to new members after June 30, 2012; on July 1, 2012, new members will be enrolled in Plans 3. The employer contributions collected in PERS, TRS, SERS, and PSERS for the purpose of paying off the unfunded UAALs of PERS Plan 1 and TRS Plan 1 are suspended for Fiscal Year 2013. Employer UAAL contributions resume in Fiscal Year 2014.