An Act amending the act of December 18, 1984 (P.L.1005, No.205), known as the Municipal Pension Plan Funding Standard and Recovery Act, providing for the definitions of "IROP," "IROP participant," and "IROP participant account" and "local government"; further providing for the definition of "municipal employee" and for contents of actuarial valuation report; providing for the certification of municipal pension costs; further providing for minimum funding standards and for revision of financing; and providing for in-service retirement option plans in local governments.