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.

This bill (A2996) provides a cost-of-living adjustment for certain retired public employees and their beneficiaries in New Jersey. It applies to retirees or beneficiaries receiving monthly payments from the Teachers' Pension Fund (TPAF), Public Employees' Retirement System (PERS), Police and Firemen's Retirement System (PFRS), Judicial Retirement System (JRS), or State Police Retirement System (SPRS) whose benefits are at or below 150% of the federal poverty level for a single-person household. The adjustment equals 100% of the Consumer Price Index change (instead of the previous 60%), effective January 1, 2023, and January 1, 2024. The state will fund these increases through appropriations from the General Fund for fiscal years 2023 and 2024.