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 requires New Jersey to provide cost-of-living adjustments (COLAs) to retirees and beneficiaries receiving retirement benefits from five state systems (PERS, TPAF, PFRS, SPRS, JRS) if their monthly payments are at or below 150% of the federal poverty level for a single person. The COLAs, calculated as 100% of the Consumer Price Index change (instead of the previous 60%), apply only on January 1, 2023, and January 1, 2024. The state must appropriate funds from the General Fund to cover these adjustments and related administrative costs. This policy specifically targets low-income retirees who would otherwise not receive annual COLAs under current law.