This bill establishes an Emergency Medical Services (EMS) Part within the Public Employees' Retirement System (PERS) in New Jersey, aimed at providing enhanced pension benefits for emergency medical service employees. The bill defines "emergency medical services employee" to include various roles such as emergency medical technicians, paramedics, and emergency medical services supervisors, among others. Membership in the EMS Part will be mandatory for these employees, and they will be subject to the same membership and benefit provisions as other public employees, with specific enhancements outlined in the bill. Notably, the bill mandates a contribution rate of 10% of the member's salary and allows for the establishment of a separate account for each member's contributions.

Additionally, the bill stipulates retirement provisions, including eligibility for service retirement at age 55 and mandatory retirement at age 70, similar to the provisions for prosecutors under the Prosecutors Part of PERS. Members with 20 or more years of creditable service will receive a retirement allowance equal to 50% of their final compensation, with additional benefits for those who qualify for special retirement after 25 years of service. The State will bear the financial responsibility for any increased pension costs incurred by counties or municipalities due to the enrollment of EMS employees in this new retirement system. The act is set to take effect immediately upon passage.