Revises certain laws governing police and fire interest arbitration.

This bill revises New Jersey's process for resolving disputes between public employers (like municipalities) and police/fire department unions through interest arbitration. It requires both parties to exchange information including expert reports before arbitration begins, and mandates that public employers provide detailed salary and cost information to arbitrators. The bill changes arbitrator selection (allowing mutual selection within 3 business days or random selection after that), extends the timeframe for arbitrators to issue decisions from 90 to 150 days (with possible 30-day extension), and increases arbitration fees from $1,000 to $1,500 per day. These changes directly affect municipalities, police and fire departments, and their union representatives during collective bargaining disputes.