Permits certain elected municipal officials to be deemed retired for pension purposes upon forfeiting compensation for that position.

This bill allows elected municipal officials in New Jersey (such as mayors or council members) to be considered "retired" for pension purposes while still holding their office, **provided they voluntarily stop receiving their salary for that position**. It requires that the pension benefit cannot be based solely on service in the elected role. The law applies to officials in the state's retirement systems and takes effect immediately, though it depends on maintaining federal compliance for the retirement program.