Bill
Bill > A4171
NJ A4171
NJ A4171Requires 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.
summary
Introduced
06/02/2022
06/02/2022
In Committee
06/02/2022
06/02/2022
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 Regular Session
Bill Summary
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.
AI Summary
This bill would provide a cost of living increase to 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 for a household of one, and would be calculated as 100 percent of the change in the Consumer Price Index, rather than the 60 percent that was previously provided. The increases would be granted on January 1, 2023 and January 1, 2024, and the State would be required to fund the cost of these increases and make an appropriation for that purpose.
Committee Categories
Government Affairs
Sponsors (1)
Last Action
Introduced, Referred to Assembly State and Local Government Committee (on 06/02/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2022/A4171 | 05/27/2022 |
| BillText | https://pub.njleg.gov/Bills/2022/A4500/4171_I1.HTM | 06/30/2022 |
| Bill | https://pub.njleg.gov/Bills/2022/A4500/4171_I1.PDF | 06/30/2022 |
| Fiscal Note - Fiscal Estimate 6/29/22; as introduced | https://pub.njleg.gov/Bills/2022/A4500/4171_E1.PDF | 06/30/2022 |
| BillText | https://www.njleg.state.nj.us/Bills/2022/A4500/4171_I1.HTM | 06/03/2022 |
| Bill | https://www.njleg.state.nj.us/Bills/2022/A4500/4171_I1.PDF | 06/03/2022 |
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