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

S 1513 allows elected municipal officials in New Jersey (such as mayors or council members) to qualify for retirement benefits while still holding their elected position, provided they stop receiving salary for that role and their pension isn't based solely on service in that office. The bill requires officials to voluntarily forfeit their position's compensation to access retirement benefits under existing pension systems. It does not change pension eligibility rules but modifies how service in elected roles counts toward retirement. The law would take effect immediately if federal pension regulations permit the change.