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 increases to retirees and beneficiaries in specific public pension systems (Teachers', Judicial, Public Employees', Police/Fire, and State Police Retirement Systems) whose monthly payments are at or below 150% of the federal poverty level for a single person. The increases, 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 will fund these adjustments through the General Fund, with annual certification of costs by pension authorities. Beneficiaries may voluntarily waive the increase or later reinstate it with 30 days' notice.