Reinstates automatic COLAs for retirement benefits of certain PFRS members.

This bill reinstates automatic annual cost-ofiving adjustments (COLAs) for retirement benefits of certain retired police and firefighters in New Jersey's Police and Firemen's Retirement System (PFRS). It applies to members who have received retirement benefits for at least 10 years, excluding those who retired with 20-24 years of service, are in deferred retirement, or were hired more than 30 days after the bill's effective date. COLAs will be calculated based on the Consumer Price Index, with a $75,000 annual benefit threshold for the first year (adjusted annually thereafter), and capped at a 1% increase for benefits exceeding this amount. The bill requires the Legislature to appropriate funds from the General Fund to cover these adjustments, with the State Treasurer taking over implementation if the Board of Trustees fails to comply within six months. The adjustments apply only to future benefit payments, not retroactively.