Establishes State Pension Cost of Living Reform Commission.

This bill establishes a 10-member State Pension Cost of Living Reform Commission to examine options for reinstating cost-of-living adjustments (COLAs) for New Jersey retirees and beneficiaries in state-administered pension systems. The commission, including the State Treasurer, pension agency director, and public members appointed by leadership, must analyze the cost and feasibility of restoring COLAs for each pension system type (State/Local parts) within six months. It will propose specific legislative recommendations to the Governor and Legislature based on its findings, focusing on statutory revisions and cost impacts. The commission expires after submitting its final report.