(a) On or after July 1, 2025, the Retirement Commission may create a deferred retirement option plan and prescribe the manner in which such option plan may be offered to members by a municipality participating in the Municipal Employees’ Retirement Fund. Any plan created shall permit members of the Municipal Employees’ Retirement Fund who are eligible for a service retirement allowance to elect participation in such plan.

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(b) Any deferred retirement option plan created shall include a fixed period of time for member participation, not to exceed five years, and a specified rate of interest credit for member accounts. All other provisions of the deferred retirement option plan shall be as determined by the Retirement Commission, provided the structure of such plan is certified by the consulting actuary to the Municipal Employees’ Retirement Fund as having no anticipated impact that would increase the contribution rates for municipalities participating in said fund. Not later than four years after the creation of such plan, the Retirement Commission shall obtain an evaluation of such plan from the consulting actuary and review and assess such evaluation to determine the cost to the fund associated with such plan. After receiving such evaluation, the Retirement Commission may discontinue such plan.