Requires cost of living increase to be granted in each of two calendar years for certain retired members and beneficiaries of PFRS; makes appropriation.

This bill requires cost-of-living adjustments (COLAs) for certain retired police and fire personnel and their beneficiaries receiving payments from New Jersey's Police and Firemen's Retirement System (PFRS). It applies only to those whose original retirement benefits were at or below 450% of the federal poverty level for a single person ($61,155 annually in 2022). The COLA, calculated using the Consumer Price Index, would be granted on January 1 of the year after the bill's effective date and the following year, with the percentage based on the beneficiary's income level relative to the poverty threshold. The state would appropriate funds from the General Fund to cover these adjustments, and beneficiaries can voluntarily waive the COLA with 30 days' notice.