is serving as a police chief of a law enforcement agency or a chief of a fire department on the effective date of this act, P.L.2022, c.9; and

will attain the age of 65 years during the period commencing on the effective date of this act and ending on the last day of the 24th calendar month following that effective date,

may remain a member of the system, notwithstanding the mandatory retirement provision of section 5 of P.L.1944, c.255 (C. 43:16A-5), until the end of the calendar year in which the member attains the age of 67 years if the appointing authority approves, in writing, the retention and continued service after the age of 65 years of the police or fire chief as the chief.

b. Within 30 days after the last day of the 24th calendar month following the effective date of this act, the Board of Trustees of the Police and Firemen’s Retirement System shall submit a report to the Governor, and the Legislature pursuant to section 2 of P.L.1991, c.164 (C. 52:14-19.1), on the effect of this section on the retirement system. The report shall include the number of members who were retained and continued to serve as the police or fire chief, the length of that service after the age of 65 years, and the impact of that extended service on the retirement system.

L.2022, c.9.