The bill establishes the AI and Labor Market Study Commission in New Jersey to analyze the impact of artificial intelligence (AI) on the labor market. The commission will consist of 11 members, including four state officials serving ex officio and seven public members with expertise in AI technology, technology, business administration, economics, employment training, or labor. The commission's primary objectives include engaging with technology experts, identifying high-risk jobs likely to be displaced by AI, developing training programs for displaced workers, and coordinating with the Departments of Education and Labor and Workforce Development to implement recommended strategies. The commission is also tasked with providing biannual reports to the Governor and Legislature on its findings and recommendations.

Additionally, the bill establishes the Job Transition Fund to support displaced workers and facilitate their transition to new AI-driven roles through education, training, and job placement services. The fund will be administered by the Commissioner of Labor and Workforce Development and will utilize resources from the Workforce Development Partnership Fund to finance strategic initiatives identified by the commission's research. The overall aim of the bill is to mitigate job losses due to AI while maximizing new workforce opportunities created by this evolving technology.