An Act amending Title 24 (Education) of the Pennsylvania Consolidated Statutes, in retirement for school employees, further providing for definitions and for construction of part; in membership, contributions and benefits, further providing for eligibility points for retention and reinstatement of service credits, for creditable nonschool service, for classes of service, for eligibility for annuities, for eligibility for vesting, for member contributions for creditable school service, for contributions for purchase of credit for creditable nonschool service, for actuarial cost method, and for member's options; in administration and miscellaneous provisions, establishing the individual annuity savings account; further providing for payments to school entities by Commonwealth; and establishing a defined contribution retirement benefit program.