This bill establishes an Emergency Services Part within the Public Employees Retirement System (PERS) in New Jersey, aimed at providing enhanced pension and death benefits for emergency services employees. The bill defines "emergency services employee" to include various positions such as emergency medical technicians, paramedics, public safety telecommunicators, and certain fire officials, among others. It mandates that current employees in these roles who are already enrolled in PERS will automatically be enrolled in the new Emergency Services Part within 120 days of the bill's effective date, unless they opt out. The bill also outlines eligibility criteria for retirement benefits, including provisions for early retirement and special allowances for those with significant years of service.

Additionally, the bill specifies that the State will not bear any increased pension costs resulting from the enrollment of emergency services employees in the new part, placing the financial responsibility on counties and municipalities. It also ensures that the unfunded accrued liability associated with the Emergency Services Part will be calculated and amortized similarly to existing retirement system liabilities. Overall, the legislation aims to enhance the retirement benefits for emergency services personnel while maintaining fiscal responsibility for the State.