The Legislature hereby finds and declares that retirement costs to the state and its employees would be reduced by the establishment of a two-tiered retirement system which would improve the coordination of benefits between Social Security and the Public Employees’ Retirement System.

It is therefore the intent of the Legislature to authorize the development of a two-tiered retirement system.

The Department of Human Resources, in conjunction with the Board of Administration of the Public Employees’ Retirement System, shall develop legislation which will implement a two-tiered retirement system.