The bill establishes a Cold War medal to be awarded by the Governor of New Jersey to veterans who are residents of the state or were residents at the time they began their military service. To qualify for the medal, veterans must have been honorably discharged after completing at least 180 days of service during the Cold War, defined as the period from September 2, 1945, to December 26, 1991. The bill outlines the eligibility criteria, including provisions for awarding the medal posthumously or to those missing in action, and specifies that the Adjutant General will determine eligibility.

Additionally, the bill creates a special, non-lapsing fund within the Department of the Treasury, known as the Cold War Medal Fund, to support the design, manufacture, and distribution of the medal. This fund will receive monetary donations and any interest earned, ensuring that resources are available for the medal's production. The act is set to take effect six months after its enactment, although the Department of Military and Veterans Affairs may begin administrative preparations beforehand.