Reinstates COLAs for retirement benefits of retired PFRS members.

This bill reinstates automatic cost-of-living adjustments for retired members and their beneficiaries of New Jersey's Police and Firemen's Retirement System. It directs the Board of Trustees to apply these increases to monthly pension payments for all retirees, regardless of when they retired, starting from the law's effective date. The legislation clarifies that no retroactive payments will be issued for benefits received before the effective date and ensures that adjustments are made monthly without interruption. Additionally, the bill amends existing statutes to formally require the Board to implement these adjustments while confirming that the system's long-term financial viability must remain intact.