Bill
Bill > S2475
NJ S2475
NJ S2475Requires 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
02/05/2024
02/05/2024
In Committee
02/05/2024
02/05/2024
Crossed Over
Passed
Dead
01/12/2026
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 mandates a cost of living increase for retirees and beneficiaries of several state retirement systems, including the Teachers' Pension and Annuity Fund (TPAF), Judicial Retirement System (JRS), Public Employees' Retirement System (PERS), Police and Firemen's Retirement System (PFRS), and State Police Retirement System (SPRS), but only if their current monthly benefit is at or below 150% of the federal poverty level for a single person. This increase will be applied on January 1, 2023, and again on January 1, 2024, calculated as 100% of the change in the Consumer Price Index, a measure of inflation, which is a higher percentage than previously allowed under a discontinued pension adjustment law. The State will fund these increases through appropriations from the General Fund for fiscal years 2023 and 2024, and the bill allows eligible individuals to waive this increase if they choose.
Committee Categories
Government Affairs
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee (on 02/05/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/S2475 |
| BillText | https://pub.njleg.gov/Bills/2026/S2500/2475_I1.HTM |
| BillText | https://pub.njleg.gov/Bills/2024/S2500/2475_I1.HTM |
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