Reinstates automatic COLAs for retirement benefits of certain SPRS members.

This bill reinstates automatic cost-of-living adjustments (COLAs) for retirement benefits of New Jersey State Police retirees who have been receiving benefits for at least 10 years. COLAs will be calculated based on the Consumer Price Index, with benefits up to $75,000 receiving full inflation-based adjustments, while benefits over $75,000 will be limited to a 1% annual increase. The bill requires the Legislature to appropriate funds from the General Fund to cover these adjustments, and if the retirement board fails to implement COLAs within six months, the State Treasurer will take over implementation. The bill does not apply to new hires after the effective date or to other retirement systems.