Revises certain laws governing police and fire interest arbitration.

This bill revises New Jersey's process for resolving contract disputes between police and fire departments and their unions. It requires negotiations to begin 120 days before a contract expires, with at least three meetings (including one by day 90), and mandates mediation or fact-finding if an impasse occurs. If unresolved, disputes move to binding arbitration, where an arbitrator must consider nine statutory criteria when determining wage and benefit changes. The bill also establishes standards for selecting and training arbitrators on a special panel, including annual ethics training and adherence to professional conduct guidelines.