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 and provisions for disability and death benefits. Specifically, the bill stipulates that active or retired members in closed plans will still be eligible for service retirement and other benefits under current law, but the governing body of the city may modify or terminate benefits for active members who have not completed at least 10 years of service. Additionally, 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. Under current law, these cities are required to create pension plans for their life guard forces. The bill also outlines the funding structure for the pension plans, which includes contributions from both members and the city, and establishes the management of the pension fund by a life guard pension commission. Overall, this legislation aims to provide greater flexibility for fourth-class cities in managing life guard pension plans while ensuring that existing members retain certain benefits.