This bill amends existing laws regarding life guard pension plans in fourth-class cities in New Jersey, allowing these cities to close their current pension plans to new entrants. It modifies certain benefits for life guard members, including retirement eligibility criteria, which stipulate that members who have served for 20 years and are at least 45 years old may retire at half pay. The bill also allows the governing body of a city to modify or terminate pension benefits for active members who have not completed at least 10 years of service. Additionally, it ensures that any current or former member who does not qualify for a pension will receive a return of their accumulated deductions with interest.

Furthermore, the bill makes the establishment of new life guard pension plans permissive rather than mandatory for fourth-class cities. This change means that cities are no longer required to create a pension plan if they choose not to. The bill also outlines the management of pension funds, including the contributions required from both members and the city, and establishes that the life guard pension commission will oversee the fund's administration. Overall, the legislation aims to provide more flexibility for cities in managing life guard pension plans while ensuring that existing members retain certain benefits.