Amend Chapter 2 of Title 47.  This bill would provide for employer contributions to be made into a deferred compensation plan for certain members.  Such members would then receive a retirement allowance through ERS at a reduced rate.  This bill would apply to person who fist become members on  or after July 1, 2008 and to persons who again become members on or after such date if the member did not have a vested right to be reinstated in the ERS.  All persons affected by this bill would be required to have an account in the deferred compensation plan offered by the State for public employees.