Relating to retirement; requiring and providing for the merger of existing police and fire consolidation accounts with the public employees police and fire fund under the public employees retirement association (PERA), transferring liabilities and assets; providing for benefit coverage for active members, retirees, benefit recipients and deferred members; requiring and providing for the actuary retained by the legislative commission on pensions and retirement (LCPR) to determine the final funded status of local police and fire consolidation accounts; providing for member and employer contributions, benefit plan coverage election to remain binding; providing for dissolution of the consolidation accounts; providing for the allocation of actuarial costs, including quadrennial projection valuations in the assessment; providing for a reduction in police state aid for municipalities with retirement coverage provided by a police consolidation account for certain excesses; providing for the application of total police state aid; reducing the employee and employer contribution rates to the public employees police and fire fund and modifying certain actuarial valuation requirements, providing for recognition of valuation assets in excess of the actuarial accrued liability; regulating contribution increases and decreases; limiting certain total aid amounts (ra)