NJ A2996

Bill

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.

Introduced
01/09/2024

In Committee
01/09/2024

Crossed Over

Passed

Dead
01/12/2026

Introduced Session

2024-2025 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 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 only be provided to those retirees and beneficiaries who are currently receiving an amount at or below 150 percent of the federal poverty level, and would be calculated as 100 percent of the change in the Consumer Price Index. The increases would be provided on January 1, 2023 and January 1, 2024, and the state would be required to fund the cost of these increases through an appropriation from the State General Fund.

Committee Categories

Government Affairs

Sponsors (2)

Tennille McCoy (D)*, Carmen Morales (D)*,

Last Action

Introduced, Referred to Assembly State and Local Government Committee (on 01/09/2024)

Official Document

https://www.njleg.state.nj.us/bill-search/2024/A2996

(3 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.njleg.state.nj.us/bill-search/2024/A2996
BillText	https://pub.njleg.gov/Bills/2024/A3000/2996_I1.HTM

Bill	Bill Name	Last Action	Type
A4171	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.	Introduced, Referred to Assembly State and Local Government Committee	Carry Over
S2475	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.	Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee	Same As
S2582	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.	Senate State Government, Wagering, Tourism & Historic Preservation Hearing (10:00 6/23/2022 Committee Room 6, 1st Floor, State House Annex, Trenton, NJ)	Carry Over

Bill > A2996

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (2)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary