Reinstates automatic COLA for retirement benefits of members of the State-administered retirement systems.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill aims to restore automatic Cost-of-Living Adjustments (COLAs) to retirement benefits for members of New Jersey’s state-administered retirement systems. Currently, these adjustments are suspended, and this legislation would reinstate them, ensuring that retirees’ benefits keep pace with inflation. The bill modifies several sections of the state’s pension laws to achieve this goal, including changes to the composition and responsibilities of the board of trustees and a committee overseeing the system’s finances. It also addresses the appointment of medical board members and clarifies procedures for handling disputes within the committee.
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