Restores automatic COLAs for retirement benefits of certain PFRS members.

This bill restores automatic cost-of-living adjustments (COLAs) for retirement benefits of certain retired police and firefighters in New Jersey. It applies to members who have been retired and receiving benefits for at least 10 years, excluding those hired after the bill's effective date, in deferred retirement, or who retired with 20-24 years of service. The COLA will be calculated based on the Consumer Price Index, with a $76,000 threshold for the first year that adjusts annually, and will apply only to future payments (not retroactively). The bill requires the Legislature to appropriate funds from the General Fund to cover the cost, which will be reimbursed to local employers, and specifies that the State Treasurer will implement the COLAs if the retirement system's board fails to do so within six months.