Bill > S435

This bill establishes the State Pension Cost of Living Reform Commission, a 10-member body tasked with exploring how to reinstate cost of living adjustments (COLAs), which are periodic increases to pensions to help retirees keep pace with inflation, for retirees and beneficiaries of state-administered defined benefit retirement systems. The commission, which will include the State Treasurer, the Director of the Division of Pensions and Benefits, and public members appointed by the Governor and legislative leaders, will analyze the feasibility and cost of reinstating COLAs for each retirement system individually, as well as for the State and Local portions of those systems. Within six months of its first meeting, the commission must present its findings and proposed legislation to the Governor and the Legislature, after which it will be dissolved.