This bill allows elected municipal officials in New Jersey to be considered retired for pension purposes while still holding their elected position, provided that their retirement allowance is not solely based on their service in that role. To qualify, these officials must voluntarily forfeit and stop receiving any compensation associated with their elected office. The bill also mandates that the Department of the Treasury create necessary rules and regulations to implement this provision.

Additionally, the bill specifies that its effectiveness is contingent upon maintaining the qualified status of the retirement system under federal law, with any necessary modifications to the program being made to ensure compliance. The act is set to take effect immediately upon passage.