In order to recompense the public employees' retirement association (PERA) for the cancellation of a previously scheduled July 1, 2020, direct distribution of $225 million, the act requires an additional direct distribution to PERA of $380 million to be made on the effective date of the act or as soon as possible thereafter. The act also reduces the $225 million July 1, 2023, direct distribution to PERA that is scheduled under current law by at least $155 million but no more than $190 million, depending upon the amount of investment income earned by PERA on the additional $380 million direct distribution so that the July 1, 2023, direct distribution will be between $35 million and $70 million. Finally, the act reduces the $225 million July 1, 2024, direct distribution to PERA that is scheduled under current law by the lesser of an amount equal to 7.25% multiplied by $380 million or an amount equal to PERA's annual rate of return on investments as reported in PERA's 2022 annual report multiplied by $380 million; except that there is no reduction if the rate of return is zero or less. (Note: This summary applies to this bill as enacted.)