Bill > S2582

Introduced Session

This bill would provide for a cost of living increase for certain retired public employees and their beneficiaries who are receiving monthly payments from the Teachers' Pension and Annuity Fund, Judicial Retirement System, Public Employees' Retirement System, Police and Firemen's Retirement System, and State Police Retirement System. The increase would be provided only to those retirees and beneficiaries who are currently receiving an amount that is at or below 150 percent of the federal poverty level as set for a household of one. The increase would be provided only on January 1, 2023 and January 1, 2024. The increase would be calculated in the same way that such increases were calculated when such increases were provided annually under the pension adjustment law, N.J.S.A.43:3B-1 et seq.; these annual increases were ended by law in 2011. However, the increase under this bill will be 100 percent of the change in the Consumer Price Index, instead of the 60 percent provided by the pension adjustment law. The bill requires the State to fund the cost of these increases and makes an appropriation for that purpose.

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Joe Cryan (D)*,  Vince Polistina (R), 

Senate State Government, Wagering, Tourism & Historic Preservation Hearing (10:00 6/23/2022 Committee Room 6, 1st Floor, State House Annex, Trenton, NJ) (on 06/23/2022)

Official Document