Requires cost of living increase to be granted in each of two State fiscal years when retirement allowance or benefit is below certain amount for retiree or beneficiary in PERS, TPAF, PFRS, SPRS, and JRS; makes appropriation.
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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 increase retirement allowances and benefits for certain retired public employees and their beneficiaries in New Jersey’s public retirement systems (PERS, TPAF, PFRS, SPRS, and JRS). It provides a cost-of-living adjustment to those receiving payments at or below 150% of the federal poverty level, with adjustments made in two fiscal years and funded through the State General Fund. The adjustment will be based on 100% of the change in the Consumer Price Index, rather than the previous 60%.
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Sponsors
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1 on record
Primary sponsor
Joseph Cryan
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