Bill > A5315

This bill reinstates automatic cost-of-living adjustments (COLAs) for a specific group of retired teachers who accepted early retirement incentives before January 1, 2011, through the Teachers' Pension and Annuity Fund (TPAF). Prior to this bill, automatic annual adjustments were canceled by P.L.2011, c.78, which suspended COLAs for all current and future retirees in state-administered retirement systems. The bill requires the TPAF Board of Trustees, in consultation with the fund's actuary and State Treasurer, to implement these adjustments. Importantly, the COLAs will only apply to future pension benefit payments and will not be retroactive, meaning retirees cannot receive back payments for the period when adjustments were suspended. The bill is narrowly targeted, explicitly stating that no other TPAF members beyond those who received early retirement incentives before January 1, 2011, will be eligible for these automatic adjustments. This legislation aims to provide some financial relief to a specific group of retired teachers who were impacted by the previous suspension of cost-of-living increases.

Government Affairs

https://www.njleg.state.nj.us/bill-search/2024/A5315